Catastrophe Risks
FEMA Chooses AIR Worldwide To Model NFIP Flood Risk
The Federal Emergency Management Agency (FEMA) will use AIR Worldwide's Inland Flood and Storm Surge Models for the United States to better understand the National Flood Insurance Program's (NFIP's) loss potential to help evaluate actuarially sound rates and assess the impacts of major flooding events in real time. Read More
Milliman To Redesign Nationwide Rating Plan for NFIP
The Federal Emergency Management Agency (FEMA) has selected Milliman, Inc., to provide actuarial consulting services to redesign flood insurance products across the National Flood Insurance Program (NFIP). Milliman will provide state-of-the-art tools, technology, and analysis to FEMA in order to design a new rating plan for NFIP policies nationwide. Read More
Resilience Economics Formed To Focus on Climate Risk
Resilience Economics Ltd., a corporate finance advisory firm focused on climate risk, has been launched to use advanced data science to structure new and innovative climate risk capital solutions for prominent institutions and governments around the world. Read More
AIR Estimates California Wildfire Insured Losses Up to $3 Billion
Catastrophe modeling firm AIR Worldwide estimates that industry insured losses from the Tubbs, Pocket, Nuns, Atlas, Redwood, and Sulphur fires in California will be between $2 billion and $3 billion. AIR's loss estimates capture residential, mobile home, commercial, and automobile losses, as well as direct business interruption losses. Read More
Overview of Hurricane Nate's $650 Million-$1.35 Billion in Total Loss
CoreLogic announced preliminary loss estimates for Hurricane Nate. According to the data analysis, total insured and uninsured loss for both residential and commercial properties, including damage from both flood and wind, is estimated to be between $650 million and $1.35 billion. Read More