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Hurricane Ike Insured Losses Estimated at $7 Billion to $12 Billion RMS has refined its estimate for U.S. onshore and
offshore insured losses from Hurricane Ike to $7 to $12 billion from
its original estimate of $6 to $16 billion. This estimate includes both onshore and offshore losses
resulting from strong winds and storm surge but does not include losses
covered under flood policies issued by the National Flood Insurance
Program, or loss of oil and gas production due to pipeline supply
interruptions.
New Hardened Weather
Stations Successfully Capture Wind Speeds During Hurricane
Ike
New weather stations designed
to withstand hurricane-force winds successfully captured
wind speed data throughout Hurricane Ike, while national
stations failed, according to RMS and WeatherFlow, a leading
provider of weather data. The hardened stations support the WindX
and Paradex parametric indices, which allow insurers and
reinsurers to transfer risk to the capital markets based on
wind speeds rather than insured losses.
RMS Revises Loss Estimate for Hurricane Gustav to $2.5 - $4.5
Billion
RMS has revised its initial industry loss estimate for Hurricane Gustav to between $2.5 billion to $4.5 billon, covering onshore and offshore exposure. This new estimate is based on further analyses of the wind field and damage surveys from our reconnaissance teams. The main uncertainty surrounding Gustav’s impact was the degree of flooding and business interruption that would occur, both of which have been considerably less than initially feared – as well as Gustav’s wind and surge damage.
Adaptation is Key to Managing Coastal Flood Risk Without adaptation, insurance losses from coastal flooding for high-risk properties could double by 2030, according to a new report published by Lloyd’s and RMS.The Coastal Communities and Climate Change report examines the impact of climate change on flood risk at a number of coastal locations, and the benefits of a variety of adaptation measures.
2008 ClimateWise Disclosure RMS has published its first annual disclosure around the ClimateWise Principles. ClimateWise is a group of leading companies and organizations in the insurance industry, including RMS, that is committed to taking action on climate change and reporting publicly on our performance. One year on from the launch of ClimateWise, RMS addresses how we have strived to adhere to these principles, and play our part in tackling climate change.
Advanced RMS Simulation Platform Allows Re/insurers to Model Clustering of Weather Events RMS has released a major upgrade to its Simulation Platform, enabling re/insurers to make more informed risk management decisions based on advanced science and modeling of natural catastrophes. The platform now provides ground-breaking scientific analysis of event "clustering," whereby a sequence of meteorological events occurs within a close period of time and space.
Winterstorm and Severe Convective Storm Models for U.S. and Canada Now Available These innovative new models were built to satisfy the needs of both underwriters and risk managers to provide the insurance industry with a more complete view of risk and increase coverage of natural catastrophe risk in North America. To highlight the range of insured losses from the perils of snow, ice, wind, and freezing temperatures, RMS has produced a report that details the potential impact of one of the most notable storms in recent North American history, the 1993 Superstorm, should it recur in 2008.
Major Upgrade to U.K. Inland Flood Model and New Europe Earthquake Models Released
Using leading-edge technology, the Inland Flood Model will enable all segments of the insurance industry to drill down to a finer level of detail than ever before, deepening their understanding of the impact of new and existing risks on their portfolios. The new suite of Europe Earthquake models – believed to be the most comprehensive of its type – will help insurers and reinsurers to gain a portfolio-level view of risk, and measure the potential impact of an extensive range of scenarios.
Interactive Terrorism Risk Management System Released The innovative browser-based application enables underwriters and portfolio managers to assess the impact of new insurance submissions on their existing exposures, and gain insight into terrorism risk in specific locations through sophisticated risk-layered maps and high-resolution aerial imagery.
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