AIR Estimates Marriott Cyber Breach Direct Losses Could Reach $600 Million

Article 0 Comments Marriott International Inc. will be dealing with direct cyber incident losses from its massive data breach of between $200 million and $600 million, according to an AIR Worldwide estimate. Marriott disclosed on Dec.1 that it had uncovered a massive data breach at its Starwood Hotels and Resorts, […]

Modeler: Insured Losses from Camp Wildfire in California at $6B to $9B

Article 0 Comments Catastrophe modeling firm AIR Worldwide estimates that industry insured losses from the Camp Fire in Northern California will be between $6 billion and $9 billion, and taken together with the Woolsey fire in Southern California AIR estimates industry insured losses at between $9 billion and $13 billion. […]

Modeler: Insured Losses from Woolsey Fire in Southern California at Least $2.5B

Article 0 Comments Catastrophe risk modeling firm AIR Worldwide on Friday said it estimates that insured losses from the Woolsey Fire in Southern California will be at least $2.5 billion. Moody’s on Thursday released estimates showing property/casualty insurers and reinsurers total insured losses at $10 billion $15 billion from both […]

AIR Worldwide Develops Probabilistic Model for Global Cyber Risks

Article 0 Comments Catastrophe risk modeling firm AIR Worldwide announced it has developed a probabilistic model for cyber risk, which is capable of accounting for security breach and cloud service provider downtime incidents for insurance portfolios worldwide. AIR’s probabilistic cyber model estimates the likelihood, severity, and economic and insurance impact […]

AIR: Hurricane Michael Strongest Storm to Hit Florida Panhandle on Record

Article 0 Comments Hurricane Michael, a Category 4 storm hitting Florida Wednesday with wind speeds of more than 150 miles per hour, is not just a major storm for the State of Florida, it is the strongest storm to hit the Florida Panhandle since hurricane records began, according to AIR […]

Insured Losses from China’s Typhoon Mangkhut Estimated at US$1B-US$2B: AIR

Article 0 Comments Industry insured losses from Typhoon Mangkhut in mainland China, Hong Kong, and Macau will be between US$1 billion and US$2 billion, according to catastrophe risk modeling firm AIR Worldwide. After making landfall in the Philippines, Typhoon Mangkhut doused a less densely populated agricultural area of Luzon with […]

AIR Worldwide and Capsicum Re Collaborate to Enhance Silent Cyber Models

Article 0 Comments Catastrophe modeling firm AIR Worldwide (AIR) announced it is collaborating with reinsurance broker Capsicum Re to enhance the insurance industry’s modeling of what many refer to as “silent” cyber incidents. As part of the collaboration, the two firms will identify which non-cyber lines of business and industries […]

South Korea Braces for Typhoon Soulik, While Typhoon Cimarron Aims at Japan

Article 1 Comments An approaching typhoon has whipped up strong winds, waves and heavy rain in southern South Korea, leaving one person missing and one injured, while another typhoon headed for western Japan on Thursday. Typhoon Soulik is forecast to make landfall at the southwestern town of Seocheon at 3 […]

AIR Worldwide Estimates Insured Losses from Japan Floods Could Reach US$4B

Article 0 Comments Industry insured losses from the flooding in western Japan caused by excessive rainfall from June 28 to July 8, 2018, will be between JPY284 billion (US$2.6 billion) and JPY423 billion (US$4.0 billion), according to Boston-based catastrophe modeling firm AIR Worldwide. Record-breaking rainfall led to widespread inland flooding […]

AIR Worldwide Updates Wildfire Model with Event-Based Risk Management Approach

Article 0 Comments Catastrophe risk modeling firm AIR Worldwide (AIR) has released an updated Wildfire Model for the United States designed to provide a comprehensive view of the risk of wildfire to property within the 13 westernmost conterminous states. The event-based modeling approach accounts for the variability in weather in […]