RMS

The loss is based on modelled outputs, as opposed to an initial loss estimate.

Exposure updates played a greater role than expected.

The vulnerability updates are the biggest driver of loss changes.

Up-to-date building codes could reduce the amount insurers pay in the Caribbean by 18%, according to the risk modeller.

The cat bond will provide indemnity coverage on a per occurrence basis.

The founding members include Munich Re, Gallagher Re, and BitSight.

The National Flood Insurance Programme could face a loss of around $500mn from the hurricane, according to the estimate.

The update projections for wind only show a 20% likelihood of losses approaching $11.7bn.

The risk-modelling expert has served at RMS for almost 19 years after joining as a graduate trainee.

The insured losses include those to private insurers as well as to the Turkish Catastrophe Insurance Pool.

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.

The storm is not expected to be a threat to the order of Jebi or Hagibis.

Claire Souch helped upgrade RMS’s US hurricane model in 2011 during her previous tenure at the firm.

The incoming SVP joins from BMS Re, where she led the catastrophe analytics team for more than 10 years.

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”.

The modeller said 70% of losses will come from Germany and a quarter from Belgium.

The potential transaction is expected to complete in the third quarter.

The 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.

Dimosthenis Tsaknias is to lead the InsurTech’s worldwide flood modelling.

Version 21.0 of the model will become available to clients on June 23.

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.

The catastrophe modeller made the estimate using a new climate change risk model.

The firm said the outcomes differ by peril, region, and climate scenario.

The models will be available in June initially for North Atlantic hurricane, Europe inland flood and Europe windstorm.

No damage has been reported to the city’s nuclear power plant.

California blazes including the Glass Fire have driven up the estimate considerably since September.

The carrier’s annual catastrophe losses ticked up to $2.9bn in October.

The modelling firm anticipates up to $500mn of additional claims from offshore platforms, oil rigs and pipelines in the Gulf of Mexico.

The 2020 figure tops the 1.96 million-acre high of 2018, when fires cost the industry around $18bn.

Total insured losses are well up on 2019, but the severity of individual blazes is not likely to impact reinsurers extensively.

Uncertainty remains over energy sector and Covid-19 impact on loss adjusting and rebuilding.

Among other roles, the industry veteran will advise agriculture insurance start-up Agritask.

The modelling agency noted that an easing of the restrictions would reduce this percentage.

Modelling firms said there were too many variables to quantify the impact, but many factors could escalate claims.

Michael Steel will be based in the RMS London office and report directly to CEO Karen White.

Ciara and Dennis could be the most significant European windstorm losses since 2018.