catastrophe modeling News

Growing Climate Risks May Be ‘Impossible to Model’ – and Ultimately Uninsurable

After one of the worst Atlantic hurricane seasons in history, the world’s biggest insurers say the industry needs to get its act together if it wants to survive climate change. Insuring against weather natural disasters could reach unaffordable levels for …

RMS Opens Office in Sydney to Support Client Growth in Australia, New Zealand

RMS, the Newark, Calif.-based global risk modeling and analytics firm, has opened a new office in Sydney, Australia, as part of its drive to support clients’ expansion in the Australian and New Zealand markets. The focus will be to help …

RMS Launches Risk Selection Solution for Underwriters

RMS, the Newark, Calif.-based risk modeling and analytics firm, has introduced a solution that enables underwriters to access critical information about any location globally, providing “a competitive advantage in risk assessment.” The new application programming interface (API) links insurers’ underwriting …

RMS Estimates Hurricane Maria’s Insured Losses Will Range Between $15B and $30B

RMS, the Newark, Calif.-based risk modeling and analytics firm, estimated that the insured loss from Hurricane Maria will be between US$15 billion and US$30 billion. This estimate represents the insured losses associated with wind, storm surge and inland flood damage …

Beazley Estimates $150M Earnings Hit From Hurricanes, Earthquakes

Lloyd’s of London insurer Beazley said on Friday it reckoned that its losses from hurricanes Harvey, Irma and Maria in the Caribbean and southern United States and a series of earthquakes in Mexico would reduce its 2017 earnings by about …

Insured Losses in Caribbean from Hurricane Maria Estimated at $40B-$85B: AIR

Industry insured losses for Hurricane Maria in the Caribbean will be between US$40 billion and US$85 billion, according to catastrophe modeling firm AIR Worldwide. Puerto Rico alone accounts for more than 85 percent of the loss, said Boston-based AIR, which …

Lloyd’s Appoints SCOR’s Mitchell-Wallace as Head of Risk Aggregation

Lloyd’s, the specialist insurance and reinsurance market, announced Dr. Kirsten Mitchell-Wallace has been appointed as the head of Risk Aggregation. The role reports to Jon Hancock, the director of Performance Management, and is responsible for leading the strategy and day …

Here’s What a Category 5 Hurricane Could Do to Florida

Florida hasn’t suffered a category 5 storm since Hurricane Andrew hit the north Miami area on Aug. 24 1992, but the risk of such a storm has not gone away or even declined. In fact, the state’s risk of destruction …

Insurers Will Easily Swallow Harvey’s Claims but Growing Climate Risk Predicted

Damages from Hurricane Harvey’s ravaging of Houston and the Texas Gulf Coast are estimated to be well below those from the major storms that hit New Orleans and New York in recent years, insurance executives have said. Though insurers should …

25 Years Later…What If an Andrew-Type Storm Hit Florida Today?

Though Florida hasn’t suffered a category 5 storm since Hurricane Andrew hit the north Miami area on Aug. 24 1992, the risk of such a storm has not gone away or even declined. In fact, the state’s risk of destruction …