After two years of devastating storms throughout the U.S., many states are wondering if the insurance industry is taking the proper steps to prepare for what the future may hold. Legislators and regulators in California, Washington and New York are now pressuring insurers for answers on what they are doing to adapt to climate change. This marks one of the first times state officials have clearly identified climate change as an issue, something the insurance industry has been doing for years now. Next month, numerous insurance executives, experts and regulators…
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Risk modeler Eqecat makes vital revisions to its hurricane, earthquake and typhoon models
Worldwide risk and catastrophe modeling firm Eqecat is preparing to release three major revisions to its Worldcatenterprise 3.16 platform. The firm will be updating its existing North Atlantic hurricane, Canadian earthquake and Asian typhoon models. Eqecat is one of many companies in the catastrophe modeling industry that have been making revision to their models recently. The upheaval will have a somewhat dramatic effect on insurance companies and their rates, as these companies rely heavily on risk models to calculate the cost of coverage. The updates will make Eqecat’s catastrophe models…
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