RMS Updates Cat Models for Terrorism, Europe Windstorm & US Flood
Global catastrophe risk management firm RMS has released version 16.0 of its catastrophe modeling platform, which includes updates to both the Europe Windstorm Clustering Model and Terrorism Modeling...
View ArticleCat Modeling in a New, More Open Phase: Aon Benfield/Impact Forecasting
Over 30 years ago, Karen Clark produced the first catastrophe model – for hurricanes. Since then the use of these valuable tools has changed the face of the re/insurance industry. They are...
View ArticleGeneva Association Study Analyzes Asian Flood Risks, Insurability
The Geneva Association has released a 47 page report that details the particulars of insuring the risks from floods in Asia’s “high growth” markets. “In Asia, the insurance protection gap is yawning...
View ArticleCoreLogic Adds Probabilistic Flood Model to Risk Management Program
CoreLogic, a residential property information, analytics and data-enabled services provider, has released an expanded version of its natural catastrophe risk management program, which features a...
View ArticleSompo Canopius Partners with UK’s SSBN for US Flood Models, Hazard Maps
Sompo Canopius AG has entered into a license agreement with SSBN, which will provide it with flood models and hazard maps for the United States. SSBN works within the insurance sector, providing global...
View ArticleJLT Re Partners with KatRisk to Expand Modeling Capability in Canada
JLT Re, the London-based reinsurance broker and consultancy, has combined forces with flood modeling company, KatRisk, to enhance its flood risk modeling capabilities for clients across Canada....
View ArticleU.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...
View ArticleThe Co-operators Offers Storm Surge Insurance to Homeowners in Atlantic Canada
The Co-operators Group Ltd. is offering storm surge insurance to homeowners in the provinces of Atlantic Canada: New Brunswick, Prince Edward Island, Nova Scotia, and Newfoundland and Labrador. Most...
View ArticleCoreLogic Expands Flood and Hail Solutions in Canadian Market
CoreLogic, the Irvine, Calif.-based property data and analytics firm, announced it is expanding its Flood Risk Score and Weather Verification Services for hail into Canada. The availability of the...
View ArticleFlood Model Development Helps Hiscox Re & ILS Enter U.S. Flood Protection Market
Less than 12 percent of U.S. homeowners have a flood insurance policy, despite the fact that flooding is the country’s most common natural disaster, said Katy Sivyer, underwriter for North America and...
View ArticlePrivate Flood Insurers Not Yet Ready to Fill Massive U.S. Protection Gap
The flood insurance protection gap in the United States is massive, but the take-up rate of private flood insurance continues to be low. The relative inability of private insurers to penetrate the...
View ArticleHurricane Florence Demonstrates Perils of Being Underinsured/Uninsured, Says RMS
Hurricane Florence caused extensive freshwater flood damage in the Carolinas and parts of Virginia in September—and about 70 percent of those flood losses will be uninsured, according to RMS. “The...
View ArticleJBA Broadens Access to Sri Lanka Flood Model to Help Bridge Protection Gap
JBA Risk Management has released its Sri Lanka Flood Model onto Simplitium’s ModEx platform. The initiative is specifically aimed at broadening accessibility to the Sri Lanka model for both the...
View ArticleFederal Flood Insurance Premiums Could Rise in Flood-Prone Areas Under Trump...
Flood insurance premiums could rise and property values fall in the most deluge-prone areas under a plan the Trump administration intends to roll out in coming weeks to change the way risk is...
View ArticleGovernment Overhaul of National Flood Insurance Cheered by Climate Resilience...
Climate advocates say an overhaul of the nation’s flood insurance program being unveiled by the Trump administration will spur communities around the country to better plan for extreme weather, but...
View ArticleAIR Expands Europe Inland Flood Model, Updates UK Storm Surge Analysis
Catastrophe risk modeling firm AIR Worldwide announced it has released an expanded inland flood model for Central Europe to include the country of Poland in its model domain. AIR also announced that it...
View ArticleJBA Risk Management Launches Probabilistic Global Flood Model
The global leader in flood risk management, JBA Risk Management, launched the first probabilistic global flood model, which allows re/insurers to model river and surface water flood at 30 meters (98.4...
View ArticleU.S. Private Flood Insurance: The Journey to Build a New Market
Not long ago, private flood insurance was thought to be an impossible dream in the property/casualty sector. There were numerous arguments supporting the common wisdom that a meaningful market for...
View ArticleNonprofit Opening Flood Risk Model to Researchers and Public
A nonprofit flood risk research organization is offering the first publicly available flood risk model that predicts the probability of flooding for homes and properties across the United States....
View ArticleGuy Carpenter Launches Probabilistic Philippines Flood Model
Guy Carpenter & Co., the reinsurance broker and subsidiary of Marsh & McLennan Cos., announced the launch of a new Philippines Flood Model. The probabilistic model provides countrywide coverage...
View ArticleFlood Modeler JBA Collaborates With South African Broker, Reinsurance Solutions
JBA Risk Management Ltd. announced its collaboration with Reinsurance Solutions Intermediary Services (RSIS), an African-based reinsurance broker that will use the JBA global flood modeling capability...
View ArticleOne in Four UK Properties at Risk of Flood, New JBA Model Reveals
One in four UK properties are at risk of flood, according to new analysis from JBA Risk Management. The flood specialist’s new UK Flood Model, launched last week, also highlights an estimated annual...
View ArticleWeather Whiplash: Record-Shattering Yellowstone Floods Expose Model Flaws
The Yellowstone National Park area’s weather forecast the morning of June 12 seemed fairly tame: warmer temperatures and rain showers would accelerate mountain snow melt and could produce “minor...
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