AIR Worldwide News

AIR Worldwide, RenaissanceRe Collaborate to Develop Casualty Catastrophe Model

Catastrophe modeling firm AIR Worldwide (AIR) announced it is collaborating with RenaissanceRe, a global re/insurer, as part of a joint effort to enhance the industry’s modeling of long-tail casualty risk. “Since our inception, RenaissanceRe has been at the forefront of …

AIR Worldwide Names Liberty Mutual’s Grenier to Head Global Resilience Practice

Catastrophe modeling firm AIR Worldwide (AIR) has appointed Dr. Roger Grenier as senior vice president of global resilience to lead AIR’s resilience initiatives across the globe. Grenier has 20 years of experience working with global risk models. He began his …

$19 Billion in Potential Losses from Cloud Services Failure Mostly Uninsured: Lloyd’s, AIR

A cyber problem that temporary shuts down a top U.S. cloud computing provider could trigger as much as $19 billion in business losses, only a fraction of which would be insured, Lloyd’s of London said in a report on Tuesday. …

Insured Losses from Europe’s Storm Eleanor/Burglind Estimated at $1.3B-$1.9B: AIR

Insured losses from winter Storm Eleanor/Burglind, which hit northern Europe on Jan. 3, will range between €1.1 billion ($1.3 billion) and €1.6 billion ($1.9 billion), according to estimates from catastrophe modeling firm AIR Worldwide. The majority of wind-related losses are …

AIR Worldwide Updates Hurricane Maria Loss Estimate

Catastrophe modeling firm AIR Worldwide has updated its loss estimates for Hurricane Maria, reporting that insured losses in the Caribbean will be between $27 billion and $48 billion. Losses from Maria in Puerto Rico alone are estimated at between $25 …

Modeler: Insured Losses for California Wildfires Could Reach $10.5B

Loss estimates for the October California wildfire siege could reach up to $10.5 billion, according to catastrophe modeling firm AIR Worldwide. Boston, Mass.-based AIR on Thursday updated its loss estimates for the recent wildfires after analyzing findings from its damage …

Typhoon Damrey’s Vietnam Death Roll Rises; AIR Worldwide Comments

A powerful typhoon that rocked Vietnam has killed at least 44 people, left more than a dozen missing and caused extensive damage to the country’s south-central region ahead of a summit that will draw leaders from around the world, the …

Global Re/Insurers Seek Premium Hikes After Costly 3rd Quarter

Insurers and reinsurers around the globe are looking to raise rates after what looks set to be their most costly quarter on record. Hurricanes Irma and Maria alone caused as much as $135 billion in insured losses, according to modeling …

AIR Worldwide Introduces Inland Flood Model for Japan

Catastrophe modeling firm AIR Worldwide has introduced a new inland flood model for Japan along with enhancements to its Japan typhoon model. These models are part of Version 5.1 of AIR’s catastrophe modeling software platform, Touchstone. The AIR Inland Flood …

Losses from California Wildfires Could Reach up to $6 Billion, Experts Say

This story has been updated with the latest estimates on fire losses. The wildfires raging in California are shaping up to become an infamous if not historic event. The fires have destroyed 3,500 structures and counting, far exceeding the 2,820 …