catastrophe modeling News

Tropical Storm Fay Leaves About $400M in Insured Losses Behind

Tropical Storm Fay managed to cause about $400 million in insured losses after coming ashore in Atlantic City, New Jersey on July 10 with 60 mph wind, even though it was downgraded to a tropical depression only nine hours after …

Cat Models Impact After Hurricane Andrew

When Andrew, a category 5 hurricane, made landfall on August 24, 1992, it was a wakeup call for the insurance industry. The devastation that resulted became the impetus for the widespread adoption of catastrophe models, according to Karen Clark, co-founder …

Katrina’s Impact on Commercial Property Insurance

Catastrophe modeling, advances in mitigation as well as building design changes are just a few of the areas impacted by Hurricane Katrina nearly 10 years ago, according to Rick Miller, U.S. property practice leader at Aon Risk Solutions. Miller spoke …

CoreLogic Releases New Catastrophe Risk Models

CoreLogic, a global property information, analytics and data-enabled services provider, released a new version of its EQECAT natural catastrophe modeling platform which contains three new proprietary risk models that quantify and analyze the potential financial impact of catastrophic natural hazards …

Canada Not Prepared for a Major Earthquake, New Study Warns

A new scientific study on the impact of a major earthquake in Canada, released in Ottawa today by Insurance Bureau of Canada (IBC), leaves no doubt that Canada is not prepared to handle a major earthquake, which could happen at …

Peak Re Licenses AIR Worldwide Catastrophe Modeling Systems

Catastrophe modeling firm AIR Worldwide (AIR) announced that Peak Reinsurance Co. Ltd. (Peak Re), a reinsurer headquartered in Hong Kong focusing primarily on the Asia-Pacific market, has selected AIR’s catastrophe modeling solutions to manage its catastrophe risk. “Catastrophes are a …

RMS: Hurricane Isaac Insured Losses between $1 to $2B from Wind and Surge

U.S. insured losses from Hurricane Issac’s wind and surge impacts on the U.S. Gulf Coast will fall between USD$1−2 billion, excluding rainfall driven flood losses and all National Flood Insurance Program losses, estimates catastrophe modeler Risk Management Solutions (RMS). This …

AIR: Northern UK, Scotland Battered by Windstorm Friedhelm

According to catastrophe modeling firm AIR Worldwide, a red alert was issued for winds in Scotland and the Northern UK by the Met Office. As a result, AIR said “widespread structural damage” was likely; flood alerts for 12 rivers and …

RMS Pegs Irene Insured Losses Between $2.5 and $5.5B

Hurricane Irene caused between $2.5 billion and $5.5 billion in insured losses in the United States and the Caribbean, excluding flood claims that fall under federal insurance programs, catastrophe modeling company RMS said Monday. RMS’s estimate falls roughly between those …

Irene Insured Losses Significant, Figures Still Uncertain

Hurricane Irene is expected to have caused substantial property losses, though figures are still hard to come by because of uncertainty about wind damage, catastrophe modeling company Eqecat said Monday. Analysts at FBR Capital Markets said the storm may have …