Christine Ziehmann, vice president – Model Product Management, RMS
On June 14, RMS Japan welcomed 119 insurance professionals to its fourth In:Site conference — a record total, high-up on the twenty-sixth floor of the Sanno Park Tower in Tokyo, with the RMS Japan headquarters also based in this building.
Yasunori Araga, managing director of RMS Japan opened the afternoon event, and introduced an agenda that was highly relevant to the core concerns of RMS clients, from domestic issues such as earthquake risk in Japan, to the flooding and related losses following Hurricane Harvey in 2017. The agenda also explored the impact of modeling on one of the oldest lines of business — marine, and right through to one of the newest with cyber. The event attracted insurance professionals from multiple departments of insurance companies, such as reinsurance, risk management, property underwriting, casualty underwriting, marine underwriting, international and more.
Guest Blog: Jane Warring, senior counsel, Clyde & Co. U.S. LLP
A few weeks’ back I attended my first Exceedance. If you go to a new conference, you are never entirely sure what to expect. Suffice it to say though, it was like no industry event I have ever attended — and in a good way.
Above all, though, I was blown away by the sessions. I have spent almost 15 years litigating first-party property/coverage disputes at both the trial and appellate levels. So, I know a thing or two about the interplay between exposure, risk and coverage. But Exceedance was a whole new level of learning: information-rich content, transparent discussions, engaged delegates and high-quality speakers.
Like many attendees, I filed a trip report on my return to the office. I wanted to make sure my colleagues who lead our resilience work benefited from my learnings. This got me thinking. What were some of the top takeaways from #Exceedance18?
With the 2018 Atlantic hurricane season underway, the (re)insurance industry is still reflecting on the events of last year. The 2017 season will be remembered as one of the most active, damaging, and costliest seasons on record, and specifically for the impacts of three storms: Harvey, Irma, and Maria.
RMS followed its longstanding strategy of delivering thoughtful and thorough analysis of all available data sources when responding to the events of 2017, including the use of instrumentation and in-person RMS staff research and reconnaissance.
This is a taster of an article published in the latest edition of EXPOSURE magazine. For the full article click here or visit the EXPOSURE website.
There has been much industry focus on the value of digitization at the customer interface, but EXPOSURE magazine asks industry thought-leaders, what is its role in risk management and portfolio optimization? How can we help teams on the underwriting frontline?
For Louise Day, director of operations at the International Underwriting Association (IUA), a major issue is that much of the data generated across the industry is held remotely from the underwriter.
There is nothing quite like a “banging EP” to make me feel young again. But that wasn’t the only aspect of my most recent trip to Miami that brought out the millennial in me.
If you missed Exceedance 2018 a few weeks back, you probably also missed Resilience 2018. Embedded every year within Exceedance, RMS holds a space for policymakers and business leaders to collaborate to a very important end: ensuring local communities and regional economies are resilient to the shocks and stresses they face.
It has been a brisk start to the Pacific Hurricane Season. Within the first two weeks of June, there have already been two hurricanes off the Pacific Coast of Mexico recording Cat 4 maximum sustained winds on the Saffir-Simpson Scale. On June 7, Hurricane Aletta, tracking far off the coast of southern Mexico, saw a period of rapid intensification with winds doubling to 140 miles per hour (220 km/h) within 24 hours before weakening and dissipating. The second named hurricane, Hurricane Bud had a similar intensification, going from 50 miles per hour (80 km/h) on June 10, to 132 miles per hour (212 km/h) some 24 hours later. Bud’s legacy now looks to be a weekend of heavy rain over the Baja California peninsula. For the North Atlantic Hurricane Season, the hurricane tally stays at zero.
So, lots of activity already in the Pacific, but overall, how different is storm activity on the Pacific compared to Mexico’s Atlantic Coast? RMS estimates that for Mexico, around 40 percent of the annual average loss from wind comes from the Pacific. To evaluate the complete hurricane risk for Mexico, the upcoming Version 18 release of the RMS® North Atlantic Hurricane Model will model both the Atlantic and Pacific coasts.
Erica Xue, Senior Product Manager – Model Development, RMS
In a country that according to the United Nations, between 1995 and 2015 experienced the largest number of natural disasters globally, and with these losses largely uninsured, China is at the start of a journey to close its protection gap between economic and insured losses — during a sustained period of rapid GDP growth. Examples such as the devastating Sichuan earthquake in 2008 which killed more than 80,000 people and caused US$125 billion in economic losses saw just 0.3 percent of losses covered by insurance. Floods in southern China during the summer of 2016 saw economic losses of US$20 billion, the second costliest event of the year. But again, according to Munich Re, just two per cent was insured.