Keyword
RMS
Organizations starting to show greater openness to enlisting experts to help with cyber security: NICC speaker
October 1, 2016 Angela Stelmakowich, EditorVANCOUVER – Cyber attackers are becoming increasingly sophisticated – employing better techniques and targeting information that could prove particularly damaging – but that may be balanced by a greater openness to use expertise and not go it alone, it was…
Typhoon Megi kills four in Taiwan, shuts down transport but ‘limited damage reports’
September 27, 2016 by Canadian UnderwriterTyphoon Megi has caused “widespread transport disruption” in Taiwan and left four million people without a water supply but insured building stock in Taiwan is “typically designed to withstand typhoons gusts,” Risk Management Systems Inc. said in a report released…
Frequency of improvised explosive device attacks ‘a key statistic’ for insurers: RMS
September 19, 2016 by Canadian UnderwriterExplosions this past weekend in the Eastern United States have “implications for the modeling of terrorism risk,” Risk Management Solutions (RMS) Inc. stated Monday in a release. The Associated Press reported that an improvised explosive device (IED) exploded Saturday night…
Insured losses from Hurricane Hermine will likely not exceed US$400 million: RMS
September 19, 2016 by Canadian UnderwriterGlobal catastrophe risk management firm Risk Management Solutions, Inc. (RMS) estimated on Monday that the insured loss associated with wind and coastal flooding from Hurricane Hermine will not exceed US$400 million. This figure includes property damage and business interruption caused…
Meranti southeast China’s most powerful typhoon in decades
September 16, 2016 by Canadian UnderwriterAlthough Typhoon Meranti weakened significantly as it approached China, it still came ashore with a central pressure of 940 mbar, the equivalent of a Category 4 hurricane – the strongest typhoon in the region since 1949, according to catastrophe modelling…
Flash estimate for insured losses from Hurricane Hermine US$500 million: KCC
September 6, 2016 by Canadian UnderwriterThe current flash estimate of insured losses associated with Hurricane Hermine – likely to produce in excess of 50,000 claims – approaches US$500 million, with total economic damages almost US$1 billion, Karen Clark & Company (KCC) reported Friday. “The storm…
Louisiana flooding leaves 100,000 insured vehicles damaged: NICB
September 1, 2016 by Canadian UnderwriterThe August downpours that dumped more than 30 inches of rain in two days on parts on Louisiana have left as many as 100,000 insured cars and trucks damaged, the National Insurance Crime Bureau (NICB) in the United States said…
Recent earthquakes a reminder that events can happen anywhere: I.I.I.
August 26, 2016 by Canadian UnderwriterThe recent earthquakes in Italy and Myanmar are a warning to homeowners and business owners in regions that may also be at risk to consider purchasing earthquake insurance, notes the Insurance Information Institute (I.I.I.). Just 10% of homeowners in the U.S. have…
Saturated ground means more rain could spur more flooding in southern Louisiana: AIR Worldwide
August 25, 2016 by Canadian UnderwriterAdditional rainfall could result in more flooding in southern Louisiana, already hit hard by extensive flooding associated with one of the state’s most catastrophic, non-tropical cyclone-triggered flood events in decades. “In the event of further rainfall, the region’s flat topography,…
Louisiana flooding “one of the most significant” natural disasters since Superstorm Sandy, 40,000-60,000 properties affected: RMS
August 19, 2016 by Canadian UnderwriterFlooding in Louisiana is “one of the most significant U.S. natural disasters, let alone flood events, since Superstorm Sandy” in 2012, Risk Management Solutions, Inc. (RMS) said on Friday. Heavy rainfall since Friday, Aug. 12 has caused widespread riverine flooding…
RMS estimates potential 1-in-500 year catastrophe loss at 10 sea ports
August 8, 2016 by Canadian UnderwriterSix of the ten ports with the highest potential insured loss from natural catastrophes are on the United States gulf coast, Risk Management Solutions (RMS) Inc. said in a release Monday. Newark, Calif.-based RMS ranked the top 10 ports in…
Within the Margins
July 1, 2016 Greg Meckbach, Associate EditorSome reinsurers use the catastrophe models of third-party vendors; others have opted to develop their own internal models to estimate losses. But despite significant improvements in data collection and computing power, there will always be some level of uncertainty in Cat models, especially those attempting to predict losses from human-induced disasters like cyber attacks or nuclear terrorism.