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 …
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 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 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 …
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 …
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 …
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 …
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. …
California Insurance Commissioner Ricardo Lara and Cal Poly Humboldt plan to form a strategy group to undertake what Lara says will be the nation’s first public wildfire catastrophe model. The plan is for the group to draw from California’s research …
As tropical storm Bebinca barrels towards waters off northern Taiwan gathering strength into a possible typhoon, weather forecasters in Taipei are using a new and so far successful method to help track its path – artificial intelligence (AI). AI-generated forecasts, …
