Security risk

As Costa Rica sends rescue teams to an area hit yesterday by a magnitude 7.6 earthquake, risk modelers have more natural catastrophe data to contend with: flood loss. Flood losses are on a rapid upswing, according to a report issued today by Swiss Re. Affecting an estimated 500 million people worldwide annually, the increase in flood-related claims has been significant, notes Swiss Re’s new report, “Flood - an Underestimated Risk: Inspect, Inform, Insure.”

Data and cloud continue to pave the way to profitable initiatives such as telematics and customer management.

SS&C Technologies Holdings Inc., a software and services provider, has launched CAMRA I-Risk for insurance companies to address emerging solvency standards by combining CAMRA’s financial reporting capabilities with a position-based stochastic simulation model.

Long-term care insurance decisions are not being made only by the elderly, according to a new report. A study conducted by the American Association for Long-Term Care Insurance notes that the youngest claimant was 24 years old when he began receiving benefit payments from his long-term care insurance policy. Now in his seventh year of receiving payments, the coverage was purchased when the claimant was 21 years old.

Results of a Towers Watson survey of risk calibrations being used for specific market and non-market risks, revealed that the largest challenges still include interest rates, credit spreads and mortality and lapse assumptions, with up to two-thirds of firms still looking to make considerable progress in these areas.

Munich Re, Swiss Re and Allianz among A.M. Best’s review and ranking of the top 50 reinsurers based on gross premiums written.

As Hurricane Isaac strikes, A.M. Best provides the top ten P&C insurers by market share in Louisiana, Alabama and Mississippi.

AIR Worldwide, a catastrophe modeling firm, estimates that losses resulting from farmer claims for the crop insurance industry may exceed $13 billion with the potential to reach as high as $20 billion.

Insurers wait for the inevitable landfall of what could become a Category 2 hurricane. According to CoreLogic, this leaves insurers with $36 billion in potential exposure to residential property damage to brace for. This high estimate is largely the result of remaining uncertainties. While estimates have the storm moving onto land within the next 48 hours, where it will strike is still unknown.

Platform designed to enable insurers to control appetites by state, line of insurance and SIC in real time.

Risk Analyzer Homeowners product enhanced with by-peril rating rules, which have been approved in 13 states.

How a start-up telematics insurer is allowing U.K. insurers to look at young drivers completely differently.

John Hancock, Pacific Life, Allstate and four others selected by CSC and its North American client community.

Delays in updating risk management only serve to damage credibility and open the door to unnecessary dangers.

Suite of coverage enhancements to be offered through network security and privacy product.

Free informative app, called WreckCheck, designed to help consumers protect property, identities with accident reports.

During the first half of 2012, 58,523 questionable claims were referred, according to the National Insurance Crime Bureau.

Michael Palmer will lead the analytics team in Bermuda and help develop the company’s understanding of all aspects of catastrophe risk.

Specialty branch within Munich Re adds a front-end risk management and planning component to its data breach coverage.

Terri Vaughan will step down during the first quarter of 2013; National Association of Insurance Commissioners officers will conduct a national search later this year to fill the position.