catastrophe modeling News

AI Weather Models Promise Super Granular, Specialist Forecasts

The weather forecasting industry has made big leaps in accuracy but has struggled with hyper-local predictions. But the proliferation of AI weather models in recent years means small, commercial firms are now developing the ability to rapidly make specialized predictions, …

Verisk Buy of Nasdaq Subsidiary Gains Access to Hundreds of Catastrophe Models

Verisk said today it has acquired Nasdaq subsidiary Simplitium Limited, the owner and operator Nasdaq Risk Modelling for Catastrophes (NRMC). NRMC is a software-as-a-service platform that supports an open ecosystem where specialized model partners make models, hazard data, and analytics …

KCC Estimates Losses From Palisades and Eaton Wildfires to Be Near $28B

Catastrophe modeler KCC said insured loss from privately insured and California FAIR plan policies to residential, commercial and industrial properties, and autos from the Palisades and Eaton Fires will be close to $28 billion. That’s in line with estimates issued …

Wildfire-Risk Models Are Struggling to Predict LA-Style Fires

Among natural disasters, wildfires are the great unknown. Even the most-sophisticated scientific models fail to capture all the risk factors or properly account for the increasing impact of climate change. It’s a major problem for homeowners, insurers and investors, as …

Moody’s RMS Adds to LA Fires Insured Loss Estimates With Range of $20B-$30B

Moody’s RMS Event Response said insured losses for the January 2025 Los Angeles fires will likely fall in the $20 billion to $30 billion range. The Jan. 17 estimate from Moody’s RMS came a day after CoreLogic put out a …

California Commissioner Announces Regulation to Enable the Use of Modeling in Rates

California Insurance Commissioner Ricardo Lara on Friday announced what he’s calling “first of its kind” catastrophe modeling and ratemaking regulation that will allow carriers to use the models as a factor in setting and getting rates. The regulation is a …

AI Weather Models Have Shown Promise This Hurricane Season

When Hurricane Beryl was rushing across the Atlantic basin in July, the weather forecasting tool made by Google Deepmind, the tech company’s artificial intelligence unit, saw something other models missed. Deepmind’s AI-driven program, called GraphCast, forecast the storm would take …

California Department of Insurance Moves Modeling Regulation Proposal Forward

The California Department of Insurance has submitted its final wildfire catastrophe modeling regulation to the Office of Administrative Law for approval. Th regulation is intended to strengthen the state’s insurance law, Proposition 103, by establishing coverage commitments from insurance companies …

KCC Expects Private Insured Losses of $36B From Hurricane Milton

Florida’s Hurricane Milton caused private insured losses of about $36 billion, estimated catastrophe modeler Karen Clark & Co. The estimate includes losses from wind, storms surge, and inland flooding to personal, commercial and industrial properties and vehicles, as well as …

Predictive Model Delivers Insights as Insurers, Reinsurers Brace for More Civil Unrest

Executive Summary: Insurers and reinsurers are responding to heightened risks of civil unrest with better calculations of their probable maximum losses, careful risk pricing, clear contractual wordings, and by using new modeling tools to help grasp this potentially costly risk. …