RMS
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Exposure updates played a greater role than expected.
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The vulnerability updates are the biggest driver of loss changes.
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Up-to-date building codes could reduce the amount insurers pay in the Caribbean by 18%, according to the risk modeller.
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The cat bond will provide indemnity coverage on a per occurrence basis.
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The founding members include Munich Re, Gallagher Re, and BitSight.
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The National Flood Insurance Programme could face a loss of around $500mn from the hurricane, according to the estimate.
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The update projections for wind only show a 20% likelihood of losses approaching $11.7bn.
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The risk-modelling expert has served at RMS for almost 19 years after joining as a graduate trainee.
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The insured losses include those to private insurers as well as to the Turkish Catastrophe Insurance Pool.
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RMS pushed the guidance for the Carolinas component of the Ian loss $120mn higher at the mean level up to $1.94bn, as it updated figures on Saturday in private figures to clients.
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The storm is not expected to be a threat to the order of Jebi or Hagibis.
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Claire Souch helped upgrade RMS’s US hurricane model in 2011 during her previous tenure at the firm.
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The incoming SVP joins from BMS Re, where she led the catastrophe analytics team for more than 10 years.
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The cat risk modeller’s estimate is well ahead of KCC’s $18bn, as RMS said infrastructure in the states impacted by Ida have “never experienced such a strong hurricane wind intensity”.
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The modeller said 70% of losses will come from Germany and a quarter from Belgium.
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The potential transaction is expected to complete in the third quarter.
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RMS model update points to ‘fairly large’ rise in hurricane losses for US Northeast and Mid-AtlanticThe RMS V21 model update for North Atlantic hurricane incorporated data from recent major loss years but overall annual average losses have only risen up to 10% across the US.
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Dimosthenis Tsaknias is to lead the InsurTech’s worldwide flood modelling.
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Version 21.0 of the model will become available to clients on June 23.
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The firm’s climate change models will allow users to model their portfolios under the four different emission pathways adopted by the Intergovernmental Panel on Climate Change.
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The catastrophe modeller made the estimate using a new climate change risk model.
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The firm said the outcomes differ by peril, region, and climate scenario.
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The models will be available in June initially for North Atlantic hurricane, Europe inland flood and Europe windstorm.
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No damage has been reported to the city’s nuclear power plant.
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California blazes including the Glass Fire have driven up the estimate considerably since September.
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The carrier’s annual catastrophe losses ticked up to $2.9bn in October.
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The modelling firm anticipates up to $500mn of additional claims from offshore platforms, oil rigs and pipelines in the Gulf of Mexico.
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The 2020 figure tops the 1.96 million-acre high of 2018, when fires cost the industry around $18bn.
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Total insured losses are well up on 2019, but the severity of individual blazes is not likely to impact reinsurers extensively.
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Uncertainty remains over energy sector and Covid-19 impact on loss adjusting and rebuilding.
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Among other roles, the industry veteran will advise agriculture insurance start-up Agritask.
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The modelling agency noted that an easing of the restrictions would reduce this percentage.
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Modelling firms said there were too many variables to quantify the impact, but many factors could escalate claims.
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Michael Steel will be based in the RMS London office and report directly to CEO Karen White.
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Ciara and Dennis could be the most significant European windstorm losses since 2018.
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Yen Chin, a director in RMS’s Singapore office, defended the quality of modelling in the region.
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