NEWARK, CA – July 18, 2019 – RMS®, a leading global risk modeling and analytics firm, has estimated that the insured U.S. losses from Hurricane Barry will not exceed $500 million. This estimate represents insured losses associated with wind, storm surge, and inland flood damage, including losses to the National Flood Insurance Program (NFIP).
“Wind and storm surge-driven losses for Barry are expected to be in line with losses projected prior to landfall. The storm made landfall in Louisiana as a weak Category 1 hurricane, then quickly weakened due to its vulnerable structure. Sustained hurricane-force winds were only experienced along a small portion of the southern Louisiana coastline,” said Jeff Waters, senior product manager of the RMS North Atlantic Hurricane Models.
Holly Widen, product manager, Global Climate, RMS, said: “Although, at first, Barry did not seem to generate the forecasted severe rainfall, it ended up producing more than 23 inches in southwest Louisiana and 13 to 14 inches in portions of Mississippi and Arkansas; the latter of which is now the fifth state to set a new tropical storm rainfall record in the past two years. The heavy rainfall resulted in flooding across portions of the lower Mississippi Valley, albeit in less populated areas. Thus, flood-driven losses are now expected to be lower than initially anticipated.”
The RMS U.S. Inland Flood High Definition (HD) Model utilized observed rainfall accumulations for Barry to simulate the runoff, river discharge, and consequent flood inundation across the impacted region.
Included in this estimate are insured losses from property damage and business interruption from wind, storm surge-driven coastal flooding, together with inland flooding to residential, commercial, industrial, and automobile lines of business. Storm surge losses include the impact of coverage leakage, an escalation in claims severity for wind-only policies in instances where wind and water hazards co-exist for residential lines of business.
RMS expects losses to the NFIP to represent approximately half of the total insured loss estimate. Louisiana has the third highest number of NFIP policies-in-force in the U.S., many of which cover areas impacted by storm surge or inland flooding from Barry.
Hurricane Barry was the second named storm of the 2019 North Atlantic hurricane season. It made landfall on Saturday, July 13 near Intercoastal City, Louisiana as a Category 1 hurricane on the Saffir-Simpson Hurricane Wind Scale with maximum sustained winds of 75 mph (120 km/hr). Barry was the first hurricane to make landfall in Louisiana since Hurricane Nate in 2017.
The technology and data used in providing this Information is based on the scientific data, mathematical and empirical models, and encoded experience of scientists and specialists. As with any model of physical systems, particularly those with low frequencies of occurrence and potentially high severity outcomes, the actual losses from catastrophic events may differ from the results of simulation analyses. RMS SPECIFICALLY DISCLAIMS ANY AND ALL RESPONSIBILITIES, OBLIGATIONS AND LIABILITY WITH RESPECT TO ANY DECISIONS OR ADVICE MADE OR GIVEN AS A RESULT OF THE INFORMATION OR USE THEREOF, INCLUDING ALL WARRANTIES, WHETHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO, WARRANTIES OF NON-INFRINGEMENT, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. IN NO EVENT SHALL RMS (OR ITS PARENT, SUBSIDIARY, OR OTHER AFFILIATED COMPANIES) BE LIABLE FOR DIRECT, INDIRECT, SPECIAL, INCIDENTAL, OR CONSEQUENTIAL DAMAGES WITH RESPECT TO ANY DECISIONS OR ADVICE MADE OR GIVEN AS A RESULT OF THE CONTENTS OF THIS INFORMATION OR USE THEREOF.
NEWARK, CA – 15 August, 2022 – Andrew Hare has been appointed Managing Director, Asia-Pacific at RMS®, a Moody's Analytics company and global leader in risk modeling and solutions. Andrew will be responsible for integrating and leading the strategy and execution across the combined RMS and Moody’s Analytics Insurance Vertical, as well as overseeing client relationships and business development in the region. He will be based in Singapore and will report to Michael Steel, General Manager at RMS, and Wael Jadallah, Moody’s Analytics Head of APAC and the Middle East. Andrew has almost 25 years of experience and was most recently Managing Director and Head of Aon Inpoint (Aon's insurance advisory business) for Asia. He was previously a Managing Director responsible for Strategy and Growth at Aon Reinsurance Solutions across Asia-Pacific. During his 17-year career with Aon, Andrew worked extensively with insurers and reinsurers in the U.K., Europe, Bermuda, and North America before moving to Singapore in 2013. Andrew began his career with Accenture after majoring in Business Management at Oxford Brookes University. Michael Steel, General Manager, RMS said: "Andrew brings extensive experience in the insurance industry, as well as a thorough understanding of the diverse risk requirements in Asia-Pacific, where he has built industry-leading teams and capabilities that have delivered deep insights and added value to insurers and reinsurers. We are delighted to welcome Andrew and look forward to the positive impact he will have on RMS and Moody's Analytics clients. We have always placed a high value on the Asia-Pacific region, and Andrew's appointment demonstrates our continued commitment to providing leading insight, data, and analytics to our clients, communities, and the industry." Wael Jadallah, General Manager Asia-Pacific and the Middle East, Moody's Analytics, highlighted: “We are delighted to have Andrew join as Managing Director and head of our Insurance practice in Asia-Pacific and the Middle East. Andrew is well known and respected by an extensive network within the insurance industry globally. He brings a wealth of experience and his appointment is a testimony of Moody’s Analytics’ investment in our regions, as we continue to invest in our commitment to add value to our clients’ evolving needs.” Andrew Hare, Managing Director, Asia-Pacific, RMS added: “Climate change and natural catastrophes, such as flood, fire, earthquake, and typhoon, continue to wreak havoc on the Asia-Pacific region. Following the devastating effects of the COVID-19 outbreak as well as chronic supply chain disruptions, heightened cyberattacks, social and economic inflation, and global geopolitical uncertainty, many economies and communities in the region are continuing their long road to recovery. RMS, with the combination of capabilities with Moody’s Analytics, is uniquely positioned to provide a deep understanding of the region’s evolving risk profile and increase confidence in risk management and selection. I am thrilled to join the team to deliver an integrated risk assessment strategy that will help clients and communities decode risk and unlock opportunity."
LONDON – 3 August, 2022 – Covenant Underwriters, the e-commerce insurance program administrator, is using Location Intelligence API from RMS®, a Moody’s Analytics company and world-leading risk modeling and solutions company, to provide real-time premium indications to its clients during the quotation process. RMS Location Intelligence API offers market-leading, high-resolution, location-level hazard, risk, and loss metrics delivered directly into underwriting workflows. Clients using Location Intelligence API benefit from trusted model data to help customize pricing for each policy, helping avoid adverse selection and to provide greater opportunities for dynamic pricing. Location Intelligence API is available in multiple countries and covers key modeled perils like hurricane, flood, earthquake, wildfire, convective storm, and more. Daniel Murray, Chief Underwriter at Covenant Underwriters, said: “Covenant has developed an API-powered rating algorithm that leverages big data and artificial intelligence to produce an instant price indication for any given address. Using an application programming interface (API) to integrate RMS knowledge and insight directly into the Covenant platform, enables our retail brokers to craft the winning terms during the quote process.” Marisa Ruscitto, Managing Director, RMS, said: “The RMS Location Intelligence API enables users to benefit from a competitive advantage with real-time, location-level hazard, risk, and loss metrics. Using these metrics not only helps with risk selection but also pricing, screening, and referrals. As underwriting workflows automate rapidly, an increasing number of industry leaders are adopting real-time underwriting processes and decision-making capability to quickly match risk to capital, and to better support their clients and their business.” About Covenant Underwriters Based in Houston, Texas, Covenant Underwriters develops and administers e-commerce insurance programs that leverage custom forms, cutting-edge technology, and niche underwriting to make specialty insurance easy for retail brokers. Current niche programs include commercial package policies for limited-service hotels and convenience stores with gas stations. Visit Covenant Underwriters for more information.