The insurance industry has become progressively familiar with the idea of ‘unthinkable risks’ in recent years as unpredicted and unprecedented losses, caused by both natural catastrophes and man-made events, have continued to happen
In a highly competitive market, it is important that insurers maximise their data models to create more intelligible insights. Only then, argues Alan O’Loughlin of Lexis Nexis Risk Solutions, will they gain a strategic advantage over competitors
A week on from Hurricane Michael making landfall in Florida, estimates of the cost of the are beginning to emerge, running to as much as $21bn (£16.25bn).
Regulation might have helped to speed up the evolution of risk modelling but technology advances, especially cloud computing, are now taking this development to the next level. Edward Murray explores the benefits this is bringing and how insurance…
While doing his masters in data science and analytics, Fionn Cronin's curiosity in modelling was sparked and he embarked on a career which has seen him become innovation lead and statistical modeller at Lexis Nexis Risk Solutions in a short time.
Issues around the likes of data sovereignty have meant that predictive modelling has traditionally been managed internally. However, xx xx argues that this is more costly and makes businesses less agile, especially when major insurable events happen
The anatomy of European flooding means insurers and reinsurers should model their potential losses across several countries, explains Dr Maurizio Savina, director at RMS.
Insurers have been exploiting data for decades to underwrite risks. Could they use that know-how to market their products better - and stop tech giants from taking their customers?
Extratropical Cyclone Eleanor is estimated to have caused €643m (£571m) in insured property market losses, according to Perils.
Property Claim Services is to launch a specialty lines loss aggregation solution for terror in the first quarter of 2018.
Maurice Tulloch, CEO of international insurance at Aviva, explains why and how the industry should encourage a global race to sustainability.
Getting the most out of unstructured data can be complex. A recent roundtable discussed the resources available for underwriters to approach and tackle the problem
Pandemics bonds have launched, with the help of the insurance market, to channel surge funding to developing countries dealing with a disease outbreak.
Allan Macpherson, operations chief engineer at FM Global, explains how the commercial damage caused by fire can be mitigated.
Local government insurance has to deal with emerging risks. How is it adapting as competition increases?
Hit by a negative discount rate, the top 100 UK insurers reported a combined underwriting loss last year. What other challenges has the market faced?
Lloyd’s of London has named Scor’s EMEA catastrophe head, Kirsten Mitchell-Wallace as head of risk aggregation.
If a hurricane the strength of Andrew tracked through Miami today, losses would likely exceed $200bn ($155bn), almost twice what the insurance industry is prepared for, warns Karen Clark, co-founder of Karen Clark & Company.
Catastrophe modelling firm AIR Worldwide has launched a cyber risk modelling tool to estimate potential insured cyber losses across an insurer's portfolio.
Lloyd’s has teamed up with modelling company Arium to enable insurers to better model long-tail liability exposure.
It is in an emergency that the industry’s expertise is needed most. It’s up to London to lead the way
Lloyd's has agreed a common core set of data requirements for cyber risks in collaboration with modelling firms AIR Worldwide and RMS alongside the Cambridge Centre of Risk Studies.
Catastrophe modelling firm RMS has launched the framework for a resilience bond designed to help manage financial risk from catastrophes while promoting investment in infrastructure that will minimise physical risk.
Aon Benfield has developed a French flood scenario model in partnership with reinsurer Scor to better prepare for the potential cost of a flood impacting the country's major cities.