Operations/tech
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Mohit Pande says insurers’ models are failing to take into account the impact of Atlantic Multidecadal Oscillation on storm frequency.
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The risk modeling firm said damage caused in Antigua, Cuba, and the Dominican Republic would contribute about $200mn to the onshore claims count. -
The modelling agency noted that an easing of the restrictions would reduce this percentage.
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Modelling firms said there were too many variables to quantify the impact, but many factors could escalate claims.
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Latest loss estimate comes after the company had estimated Faxai losses of $5bn to $9bn.
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This cohort will spend 10 weeks working on technological solutions designed to improve the efficiency of the market.
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The model will also capture sub-perils including ground-shaking liquefaction, landslide, tsunami and fire following earthquakes.
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The firm said its new platform would be “open and flexible”.
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The overwhelming majority of claims have come out of Bay County, the Florida Office of Insurance Regulation said.
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The EUR90mn Italian multi-peril cat bond from Unipol will only be partly placed in the cat bond market, sources said.
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People moves in the industry in the past month.
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AIR Worldwide put the direct losses from the incident at between $200mn and $600mn.
