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Major Hurricane Ike moves west across the Atlantic
Hurricane Ike remains a category 4 hurricane with maximum sustained winds of 135 mph (215 km/hr) which represents a slight weakening in the past 24 hours. Ike is likely to remain over open waters as it tracks in a westerly directly during the next couple of days. Whilst there is a high amount of uncertainty associated with Ike’s forecast track and intensity, the NHC official guidance indicates that Ike could affect the Bahamas by Sunday before making landfall in southern Florida early next week. Ike is expected to weaken slightly during the next 36 hours due to increasing wind shear, however is still expected to be a major hurricane throughout the 5-day forecast period. Hurricane Gustav Insured Losses Estimated at $4 to $10 billion Hurricane Gustav made landfall on Monday, September 1 at 15:00 UTC (10:00 CDT) near Cocodrie, Louisiana and about 70 miles southwest of New Orleans. As Gustav neared the coastline it weakened to a category 2 storm, making landfall with maximum sustained winds of around 110 mph (175 km/hr) and a central pressure of 955mb. RMS' preliminary analysis shows that total insured losses resulting from Gustav could range between $4 billion and $10 billion. This includes both on and offshore losses from wind and storm surge and does not take account of any damage in New Orleans or flooding that could occur in the next few days. While the damage wreaked by Gustav unfolds, Tropical Storm Hanna has now developed into a category 1 hurricane, and has become the fourth hurricane of the season.
Advanced RMS Simulation Platform Allows Re/insurers to Model Clustering of Weather Events RMS has released a major upgrade to its Simulation Platform, enabling re/insurers to make more informed risk management decisions based on advanced science and modeling of natural catastrophes. The platform now provides ground-breaking scientific analysis of event "clustering," whereby a sequence of meteorological events occurs within a close period of time and space.
2008 RMS International Client Conference, September 23-25, Edinburgh The 2008 RMS International Client Conference will be held in Edinburgh, United Kingdom at the stunning Balmoral Hotel from Tuesday, September 23 through Thursday, September 25, 2008.
Winterstorm and Severe Convective Storm Models for U.S. and Canada Now Available These innovative new models were built to satisfy the needs of both underwriters and risk managers to provide the insurance industry with a more complete view of risk and increase coverage of natural catastrophe risk in North America. To highlight the range of insured losses from the perils of snow, ice, wind, and freezing temperatures, RMS has produced a report that details the potential impact of one of the most notable storms in recent North American history, the 1993 Superstorm, should it recur in 2008.
Major Upgrade to U.K. Inland Flood Model and New Europe Earthquake Models Released
Using leading-edge technology, the Inland Flood Model will enable all segments of the insurance industry to drill down to a finer level of detail than ever before, deepening their understanding of the impact of new and existing risks on their portfolios. The new suite of Europe Earthquake models – believed to be the most comprehensive of its type – will help insurers and reinsurers to gain a portfolio-level view of risk, and measure the potential impact of an extensive range of scenarios.
New Climate Change Risk Screening Service The service identifies the potential physical impacts of climate change on a company’s property and operations, using RMS models to calculate the risk of physical damages and business interruption from climate perils today, together with climate model output to "stress test" the impact of future potential scenarios on business portfolios.
Interactive Terrorism Risk Management System Released The innovative browser-based application enables underwriters and portfolio managers to assess the impact of new insurance submissions on their existing exposures, and gain insight into terrorism risk in specific locations through sophisticated risk-layered maps and high-resolution aerial imagery.
ExposureRefine™ Service Launched to Assess and Enhance Exposure Data Quality RMS now provides the most comprehensive assessment of portfolio exposure data quality today, helping insurers and reinsurers systematically improve the accuracy of their catastrophe loss analysis and providing a consistent way to measure and benchmark data quality.
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