RMS News

How Insurance Industry Might React to ‘New Normal’ of California’s Historic Wildfires

The “new normal” for California has yielded another year of record wildfires and billions of dollars in insured losses. Homeowners insurance rates inch up in high risk areas, and carriers get more cautious about where they write in a state …

California Wildfire Insured Losses at Billions of Dollars and Climbing

An analysis by catastrophe modeler RMS shows 15 wildfires are burning more than 280,000 acres in California have collectively destroyed nearly 7,000 homes and businesses and killed 31 people. Roughly 300,000 have been evacuated, while 12,000 firefighters are working on …

RMS Lists Top 10 ‘1-in-100-Year’ Events for Asia Pacific Region

The Asia Pacific region remains highly vulnerable to major catastrophes, RMS said, announcing a list of 10 “1-in-100-year” events possible in the vast area that includes the Pacific Ring of Fire and the largest concentration of tropical cyclones. Without providing …

Wind, Storm Surge Losses from Florence Could Reach $5B; Top 10 Insurers Affected in Carolinas

Hurricane Florence was downgraded to a Category 1 storm Thursday night, but it is still a major storm that will have a significant impact on North and South Carolina and cause considerable damage to the region. According to a “Hazard …

U.S. Flood Models Still in Infancy, So Underwriters Must Be ‘Cautious Consumers’

The market for privately written inland flood insurance in the United States is growing rapidly, but flood modeling is still in its infancy. As a result, underwriters need to be aware of the differences that exist among commercial flood models, …

RMS Strengthens Asia-Pacific Capabilities in Version 18 of Modeling Software

RMS, the Newark, Calif.-based risk modeling and analytics firm, announced it has strengthened the Asia Pacific capabilities of its Version 18 catastrophe risk management software. The Asia Pacific model suit is being expanded to include new peril models for India …

RMS Appoints Silicon Valley Executive White as CEO, Succeeding Shah

RMS, the Newark, Calif.-based catastrophe risk modeling and analytics company, announced the appointment of Karen White as its new chief executive officer, replacing current CEO and co-founder Hemant Shah. With more than 25 years experience as an executive and investor …

Homeowners Fear Losing Insurance in Midst of California Fires

California homeowners and regulators have a new fear about wildfires ravaging the state: that insurers will drop coverage. Massive, out-of-season fires in northern and southern California are causing billions of dollars in claims and challenging expectations of when and where …

Insured Loss Estimates from California Wildfires Now up to $8 Billion

Insured losses from the siege of California wildfires could possibly reach $8 billion, according to new estimates released on Friday by catastrophe modeler RMS. The firm now estimates the insured loss for the wildfires impacting Sonoma, Napa, Solano, Lake and …

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 …