Operations/tech
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The catastrophe modeller made the estimate using a new climate change risk model. -
Vantage aims to bring capital to bear on risks beyond property cat.
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The models will be available in June initially for North Atlantic hurricane, Europe inland flood and Europe windstorm.
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The Convex CEO also outlined difficulties facing the pandemic working group.
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Purchasing the analytics firm will help Willis meet growing demand for climate change services.
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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.
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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.
