Live Insurance News

Insurance Industry Rapidly Adopts Touchstone, AIR’s Next-Generation Platform

July 18, 2013 Guest Author

Insurance industry standards and technology

BOSTON, July 18, 2013 — The insurance industry is rapidly adopting TouchstoneTM, AIR Worldwide’s next-generation catastrophe modeling platform. Since the new software’s release in January 2013, Touchstone has gained wide acceptance across the marketplace by some of the largest insurers, reinsurers, and intermediaries. “With the release of Touchstone, AIR is offering a robust and reliable platform that we can easily integrate into our proprietary catastrophe management system, APEX,” said Alan Calder, group head of catastrophe risk at Aspen. “Part of our risk management strategy is to evaluate and understand multiple…

Beyond compliance – Added value in a Solvency II implementation

December 7, 2012January 9, 2014 Rose Stuart

Compliance and Risk Management Insurance News

Solvency II implementation costs may shave a few cents off earnings per share, but this cost should be balanced by the benefit of a far more transparent – consistently transparent – set of reporting requirements than before. This valuable information will lead to improved economic planning and insight, and the ability to embed early-warning mechanisms. Risks exposed The structure of data is critically important to any Solvency II solution. Hence, insurance companies should start early to design a data management framework that is flexible enough to support Solvency II and…

Solar product insurance specialty policy now offered by ReneSola

October 20, 2012October 20, 2012 H. Cutner

The coverage is being provided through PowerGuard. ReneSola Ltd., a leading worldwide manufacturer of solar modules and wafers, based in San Francisco, California, has announced that it will now be working with PowerGuard in order to offer a range of solar product insurance options to its customers. PowerGuard Specialty Insurance Services will be providing the coverage to ReneSola’s clients. The coverage being offered will involve various long term policies for the products that have been sold by ReneSola. The insurer is a California based company that manages various specialty coverages…

Sentry Insight tool to help insurers address emerging risks

October 12, 2012October 12, 2012 Marc

Sentry Insight set for launch by Sentry Insurance Risk management is an inherent and important part of the insurance industry. Insurance companies have access to tools that allow them to accurately calculate their exposure to risk and the financial consequences associated with certain disasters, whether they be financial, natural, or otherwise. The landscape of risk is beginning to change, however, with new problems emerging to challenge the industry as a whole. In the U.S., managing these new risks is quickly turning into a tricky business, thus Sentry Insurance is set…

U.S. RE Analytics releases new tool to help insurers manage their risk exposure

April 20, 2012April 20, 2012 Nordstrom

Insurance technology with new risk managment tool for industry use U.S. RE Analytics, a consulting firm that provides services to the insurance and reinsurance industries, has developed a new tool that could help some insurance companies manage the cost of reinsurance more efficiently. The tool, called U.S. RE Risk Optimizer, is designed specifically to assist companies that are exposed to catastrophic natural disasters. These disasters have proven to be a serious financial risk over the past two years. Two consecutive years of severe natural catastrophes have caused the price of…

AIR Expands Its Catastrophe Risk Engineering Solutions to Include Supply Chain Risk Quantification

April 16, 2012May 27, 2012 Guest Author

Insurance News on catastrophe insurance losses

Insurance news… AIR Worldwide (AIR) announced today that it has expanded its suite of Catastrophe Risk Engineering (CRE) solutions to help quantify, mitigate, and manage the risk associated with the impact of catastrophes on supply chain networks. AIR’s new offering will help risk managers better assess and reduce their risk from catastrophic perils such as hurricanes, earthquakes, floods, tornadoes, and tsunamis. This includes risk not only from physical damage but also from direct and contingent business interruption losses across the entire supply chain network. “The catastrophe risk to supply chain networks…

More investment in nanotechnology research needed, says National Research Council

January 27, 2012January 27, 2012 Marc

Scientists from the National Research Council in the U.S. are urging insurers to invest more money in studying nanotechnology. The technology has advanced significantly in the past decade and now holds major promise in medical applications and consumer products. Council scientists say that the potential health hazards of the technology are not yet fully understood and that an additional $24 million a year is required to fill in the knowledge shortfall. Without an intimate understand of the risks associated with nanotechnology, consumers could face unforeseen dangers that will have a…