AIR Worldwide releases new inland flood model for Japan

AIR Worldwide releases new inland flood model for Japan

AIR Worldwide releases new inland flood model for Japan

Catastrophe modelling firm AIR Worldwide has launched a new inland flood model for Japan, and also released a new version of its Japan typhoon model as part of an update to its catastrophe modelling software platform Touchstone. The flood model, which AIR claims is the first such tool to be developed for Japan, simulates the effects of on- and off-plain…

RMS opens Sydney office to bolster APAC client support

RMS opens Sydney office to bolster APAC client support

RMS opens Sydney office to bolster APAC client support

Risk modelling and analytics firm RMS has opened a new office in Sydney, Australia as part of its effort to grow its presence in the Australian and New Zealand markets and to increase its support for APAC-based clients. The office will focus on insurers and reinsurers looking to adopt new models in light of a particularly active year for natural…

UN issues disaster risk warning for Asia-Pacific

UN issues disaster risk warning for Asia-Pacific

UN issues disaster risk warning for Asia-Pacific

The risk of natural catastrophe in Asia-Pacific is outpacing resilience and could push those in the most disaster-prone areas into poverty unless action is taken, according to a recent report from a United Nations regional commission. The report from the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) urges countries to explore ways to close the…

More than $1.2bn paid to date for Tianjin claims, says CIRC

More than $1.2bn paid to date for Tianjin claims, says CIRC

More than $1.2bn paid to date for Tianjin claims, says CIRC

The Tianjin bureau of the China Insurance Regulatory Commission (CIRC) has revealed that more than CNY8.1bn ($1.2bn) of insurance claims related to the Tianjin port explosions had been settled by the end of 2016. The explosions occurred in two chemical warehouses back in August 2015 and killed 165 people. This was one of the biggest and costliest man-made catastrophes reported…

South Asian flood disaster exposes the protection gap

South Asian flood disaster exposes the protection gap

South Asian flood disaster exposes the protection gap

The worst floods in South Asia in a decade have claimed more than 1,400 lives and left many more homeless across India, Nepal and Bangladesh. They have also further exposed the protection gap that exists in the region. While the Texas floods caused by Hurricane Harvey have grabbed most of the international headlines, and Typhoons Hato and Pakhar have caused…

Typhoons to cost Hong Kong insurers more than $130m

Typhoons to cost Hong Kong insurers more than $130m

Typhoons to cost Hong Kong insurers more than $130m

Typhoons Hato and Pakhar, which caused widespread damage in Hong Kong, Macau and the Chinese province of Guangdong, have landed Hong Kong’s insurers with a bill of more than $130m (HK$1bn). According to the South China Morning Post (SCMP), the estimate would be a record sum for typhoon-related claims. The last time insurers were left with costly typhoon-related claims was…

JLT and Munich Re partner for Philippines parametric product

JLT and Munich Re partner for Philippines parametric product

JLT and Munich Re partner for Philippines parametric product

Global reinsurer Munich Re has teamed up with broker JLT Philippines to jointly develop a parametric insurance product for extreme weather risk. The Philippines suffers up to 20 tropical storms in a typical year, many of which are categorised as typhoons, and there is a “serious need” for Philippines businesses to protect themselves against typhoon losses, according to JLT. The…

Cat bonds issuance reaches record levels in Q2

Cat bonds issuance reaches record levels in Q2

Cat bonds issuance reaches record levels in Q2

The rise of insurance-linked securities continues to reach new levels after the issuance of catastrophe bonds exceeded previous records in the most recent quarter. A report issued by Aon Securities, the investment banking arm of broker Aon Benfield, recorded issuance of cat bonds at $6.38bn across 20 transactions, exceeding the previous record of $4.49bn set back in Q2 2014. The…

Philippines pilots parametrics scheme for disaster-prone provinces

Philippines pilots parametrics scheme for disaster-prone provinces

Philippines pilots parametrics scheme for disaster-prone provinces

The Philippines government has announced the next step in its parametric insurance scheme designed to combat the losses from natural disasters, identifying the provinces eligible to tap into a $486m fund recently approved by President Rodrigo Duterte. The Department of Finance listed the 25 provinces and expanded on the scheme’s objectives, namely to exploit parametrics to facilitate faster payments and…

AIR unveils Thunderstorm model for Australia

AIR unveils Thunderstorm model for Australia

AIR unveils Thunderstorm model for Australia

Catastrophe modelling firm AIR Worldwide has released what it claims is the first severe thunderstorm model for Australia to capture all three sub-perils – hail, tornado and straight-line wind. The model produces daily simulations based on statistical modelling combined with historical data provided by Australia’s Bureau of Meteorology, along with local and seasonal weather patterns. This approach is designed to…

1 2 3 5