Catastrophe Risks
NOAA Upgrading Global Forecast System Weather Model
The National Oceanic and Atmospheric Administration (NOAA) is upgrading its Global Forecast System weather model to boost weather forecasting capabilities across the United States. According to NOAA, the upgrades will improve hurricane genesis forecasting, modeling for snowfall location, heavy rainfall forecasts, and overall model performance. Read More
RMS Releasing New Models To Help Businesses Understand Climate Risks
Catastrophe risk modeling firm RMS will launch a suite of climate change models to help users assess the impacts of climate change on physical assets and their businesses. While most RMS models already incorporate the impact of climate change, the new models go further with forward-looking predictive insights and analysis. Read More
Danish Red Cross Issues Cat Bond through Guernsey ILS Structure
The Danish Red Cross has issued a humanitarian catastrophe bond covering volcanic eruption through a Guernsey insurance-linked securities (ILS) structure. The catastrophe bond, which covers the risk of eruption of 10 volcanoes across 3 continents, raised $3 million from specialist catastrophe bond investors to support humanitarian aid following an eruption. Read More
2020's Catastrophes Underscore Need To Plan for Coinciding Perils
With an above-average number of natural disasters and a global pandemic, 2020 highlighted the need to invest in risk management planning for the possibility of coinciding extreme events, a new Aon report shows. Overall, 2020 was marked by 416 notable natural disaster events and $268 billion in economic losses. Read More
US Property-Casualty Insurers May Face Record First-Quarter Losses
US property-casualty insurers will likely face record first-quarter catastrophic losses as a result of extensive property damage from February's severe winter storms in southern states. The widespread scale of the event and the associated claims volume could drive losses ranging from $10 billion to $20 billion. Read More