Tom Anderson’s Post

Fathom’s US Flood Map is now available in Swiss Re’s leading location intelligence platform - CatNet ®. Swiss Re’s Head of Property Solutions, Anil Vasagiri, discusses how climate change is propelling destructive floods into a primary peril. Read the article in Insurance Thought Leadership to learn more.  https://lnkd.in/gJvnADVv #Climatechange #floodrisk #insurance #catnet

🗞 “This [central Europe #flood] event has much in common with the central European floods of 2013, and not just because it fell on the same days in the year. May #2024 was among the wettest months recorded in southern Germany. Even the #insured losses from 2013 and the current events are in the same range when trending the 2013 losses to today." “From a flood #modeling perspective, the 2013 and 2024 events again highlight how important it is to appropriately capture key elements such as antecedent conditions, Vb-type events, cross-country correlations, flood defenses, and combined fluvial and pluvial flooding.” Daniel Bernet talks to Reinsurance News about the newly released Moody's RMS insured loss estimate for the recent central European floods. Read more in Reinsurance News here: https://lnkd.in/eptmrSNr 👉 For the full media announcement, click here: https://lnkd.in/ei3XANjS #riskmanagement #germany #floods #insurance #reinsurance #news

EUR 2-3 Bn of insured loss in #Germany caused by the recent central #Europe Floods: That’s where we have landed after reconstructing a detailed #flood #footprint leveraging our Europe Inland Flood #HD #Models, together with all types of data and tools we could get our hands on. It’s a very significant #loss and is a calamity for everyone directly affected. Like for any similar event, we can and need to learn from such events, to become even more resilient in the future, especially in light of population, exposure, and value growth, as well as climate change that will increase the adverse effects from flooding even more in the future. 

My JBA Risk Management colleagues Ash Massam and Jennie Dentith are both presenting at the European Geosciences Union (EGU) later this month. Ash will present an innovative catastrophe model evaluation tool - AutoVal - that automates standard loss validation tests, making the evaluation process a much easier prospect. 📅 18 April (Session: ITS4.10/NH13.1) ⏰ 11:25 – 11:35 (CEST) Abstract: https://lnkd.in/ein97gaR Jennie presents a prototype storyline approach for future flood risk in Central America, providing useful insights about future surface water and river flooding for the financial, insurance, and development sectors. 📅 19 April (Session: NH11.2) ⏰ 17:19 - 17:29 (CEST) Abstract: https://lnkd.in/ek6JP4pD #EGU24 #NaturalDisasters #Flood #FloodRisk #RiskManagement #Insurance #Reinsurance #Validation #RiskModeling #ClimateChange

The recent severe convective storms and flooding that have affected multiple countries in Central Europe since June 6 are expected to result in economic and insured losses amounting to hundreds of millions of EUR, according to Aon’s weekly catastrophe report.

Swiss Re is expanding its CatNet catastrophe risk assessment platform, adding high-resolution flood maps from its Fathom unit that cover even more of the planet. With rainfall intensifying, better maps are key to better flood protection: https://ow.ly/Enqu30sFkY5

https://lnkd.in/gAv7cnUW Austrian insurers see damage claims reaching a record €600 million to €700 million, with damages having the potential to reach as high as €1 billion, the Austrian Association of Insurers said. Wiener Staedtische, a unit of VIG and Austria’s second-largest insurer by total premiums, expects as much as €100 million in claims related to the recent flooding and storms. That’s the largest in the company’s history from a natural disaster. The industry faces an increasing level of catastrophe claims from secondary perils, much of which can be linked to climate change. “Reinsurers raised prices and retentions last year with the results that a higher proportion of these losses are now being borne by primary insurers and this is likely to be a continuing trend,” Bloomberg Intelligence Senior Analyst Charles Graham said. UNIQA and VIG have the most exposure given their leading positions in Austria, while PZU has the dominant share in Poland. Flood-affected countries make up 80% or more of non-life revenue at all three. Residential flood insurance is more common in Austria and the Czech Republic than it is in Poland, likely skewing payouts by country, Bloomberg Intelligence said. Storm Boris brought a period of almost continuous rainfall over much of the Czech Republic, Austria, southwest Poland and eastern Slovakia over Sept. 12-15, leaving large areas submerged. Governments across the region took emergency measures and prepared to spend hundreds of millions of euros on the cleanup. Water levels remain elevated.

🌧️ Central Europe Floods: Billions in Losses Expected 🌧️ Severe flooding from continuous rain (Sept 12-16) has devastated Central Europe, with Aon estimating total losses in the billions of EUR. 🌧️Insurers report property losses exceeding €1.5 billion, with Gallagher Re projecting insured losses between €2.0 to €3.0 billion. 🌧️The Czech Republic, Poland, and Austria are among the hardest hit, with significant impacts also in Slovakia and Romania. Tragically, at least 28 lives have been lost. 🌧️This event underscores the urgent need for robust flood management and insurance solutions. #Flooding #Insurance #ClimateChange #Claims #InsuranceIndustry

Here’s my take on the recent news regarding massive natural catastrophe insured losses in the H1 of 2024 (based on a Swiss Re report): • The severity of weather events is concerning, particularly the record-breaking $42 billion in insured losses from severe thunderstorms globally. • Floods also played a significant role, contributing $8.4 billion. • It's crucial to acknowledge the combined impact of inflation and economic development on these rising insured losses. What does this mean for us? Underwriters will be carefully evaluating and adjusting risk profiles to account for the changing nature of catastrophes. Producers will be effectively communicating these evolving risks to clients and ensure they have adequate coverage. #natcats #catastropherisks #insurance #underwriting #climaterisk https://lnkd.in/gAQi3sVx

Responding to growing demand and increasing flood risks, KatRisk has expanded our flood model to deliver critical support in Central America, Mexico and the Caribbean. We're excited to announce the launch of our latest flood risk model specifically designed for these regions. 🔍 Key Features: 50,000-Year Probabilistic Insights: Dive into detailed future pluvial and fluvial flood scenarios and effectively manage location-specific risks. Advanced Event-Based Modeling: Uncover risk correlations and tailor your risk mitigation and insurance strategies with our comprehensive model which explicitly correlates tropical cyclone and inland flood risk (including tropical cyclone precipitation induced inland flooding). 🌟 Why KatRisk? Our model offers unmatched clarity and precision in risk quantification, backed by stochastic enhancements for deeper financial insights. From improving flood maps to providing robust loss computations, we empower you to make smarter decisions. 🛠️ Empower Your Risk Management: Optimize Insurance Portfolios: Detailed loss analysis helps fine-tune coverage strategies. Proactive Planning: Stay ahead with predictive insights to minimize potential impacts. 🔗 The model is live now! For more details or a demo, contact us at [email protected]. 🔐 Secure your future with KatRisk—your partner in top-tier catastrophe risk management. #KatRisk #FloodRisk #InsuranceTech #CatastropheModeling https://lnkd.in/gHviTRuv