Cyber insurance is become more important for the world’s businesses

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Businesses are facing major threats in the digital world The global insurance industry is becoming more involved in cyber protection, especially as digital attacks become more common. Last year, Sony was hit by a data breach from hackers suspected of hailing from North Korea. The data breach would have caused Sony more than $100 million in losses, but the company had purchased cyber insurance protection, which meant that Sony was only liable for one-third of that amount. Now, more companies are acquiring cyber insurance and insurers are beginning to view…

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Hurricane season prediction model redesigned for the U.S.

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AIR Worldwide has recently announced updates to its model, which now includes a range of new features. The model used by AIR Worldwide, the catastrophe risk modeling firm, for predictions with respect to the hurricane season in the United States, has now been updated to take into account a number of new features and to provide a considerable amount of additional insight. The update to the Hurricane Model for the United States now includes notably more depth and simulations. The updates to the hurricane season forecast model includes a brand…

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New cyber security risk models may be needed for the insurance industry

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RMS and AIR Worldwide are working to build new risk models focused on the digital space Two risk modeling companies serving the insurance industry are beginning to focus more heavily on the digital world, hoping to form better cyber attack risk models. RMS and AIR Worldwide have seen the risks in the digital world escalate over the past several years. These risks are becoming more prominent and the majority of the insurance industry may not be able to tackle these risks appropriately with existing, outdated risk models. Recent cyber attacks…

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AIR Estimates Losses from European Windstorm Xaver at Between EUR 700 Million and EUR 1.4 Billion

BOSTON, Dec. 12, 2013 – Catastrophe modeling firm AIR Worldwide estimates that insured wind losses from Extratropical Cyclone Xaver will range between EUR 700 million and EUR 1.4 billion, with the majority of the losses in Denmark, Germany, and the UK. Losses also occurred in the Netherlands, Belgium, Sweden, and Norway. The strong extratropical cyclone (ETC) known as Xaver came ashore on Thursday, December 5, in Scotland with wind speeds comparable to those of a Category 1 hurricane. It then headed south and moved across the North Sea to the…

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AIR Worldwide Provides Risk Modeling for More than $25 Billion in Total Catastrophe Bond Issuance

MONTE CARLO, Monaco & BOSTON, Sept. 9, 2013 – AIR Worldwide (AIR) today announced it has provided risk modeling and analytical services for more than $25 billion in total catastrophe bond issuance, encompassing more than 115 transactions since the market’s inception in 1996. Since the start of 2009, AIR has modeled more than $15 billion in catastrophe bond issuance, including 17 of the 22 property-based bonds issued to date in 2013. AIR’s strong presence in the catastrophe bond space this year follows an equally active 2012, when AIR was selected…

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Severe Hailstorms Strike Germany in Late July: AIR Worldwide

BOSTON, August 23, 2013 – According to catastrophe modeling firm AIR Worldwide, after a prolonged period of above average temperatures in Central Europe, several severe hail events were triggered on the 27th and 28th of July, ahead of a low pressure system named Andreas. On July 27 in northern Germany, a hail supercell was first reported northeast of Dortmund and propagated toward Wolfsburg. A second severe hail storm on July 28 was similarly triggered, but affected Reutlingen, Nürtingen, and Kirchheim unter Teck in southern Germany, which is a heavily populated…

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Munich Re Licenses AIR’s Updated Crop Insurance Models for the United States and China

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BOSTON, Aug. 7, 2013 — AIR Worldwide (AIR) today announced that it has updated its Multiple Peril Crop Insurance (MPCI) Models for the United States and China. These are weather-based models that estimate underwriting gains and losses based on crop yield probabilities in the context of current conditions. Munich Re, a leading global reinsurer, has licensed the updated models to enhance its risk management capabilities for its catastrophe-exposed agricultural treaties. “The risk associated with agricultural insurance portfolios is extremely complex, which makes them challenging for insurance and reinsurance carriers participating…

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