15 May 2017Insurance

Sompo launches nat cat model for Australia

Specialty re/insurer Sompo Canopius and Sompo Japan Nipponkoa Insurance (SJNKI) have launched a natural catastrophe risk model for North-West Australia offshore installations.

According to the companies, this is the first stochastic natural catastrophe model for offshore North-West Australia that offers a quantitative assessment of cyclone risk and the impact it could have on the expanding offshore industry.

"The prevalence of frequent and extreme cyclone activity in the region clearly demonstrates the threat to property located within the North West shelf area of Australian territorial waters," said Tatsuhiko Okubo, energy section manager at SJNKI. "Undoubtedly, the loss potential that powerful storm systems pose to operators and their partners in the offshore exploration and production industry is increasing with the ongoing expansion of infrastructure in the North West shelf."

Steve Warren, Sompo Canopius group head of energy and engineering, added: "This model will help us in supporting our brokers and clients to understand and manage their risks more effectively, as the region’s energy industry continues its ongoing rapid development."

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More on this story

11 April 2017   Bermuda-based re/insurer Sompo International has appointed Victor Sordillo as senior vice president and loss control leader.
29 March 2017   Following the acquisition of Bermuda-based Endurance, Sompo Japan Nipponkoa Insurance has launched a fully integrated global commercial insurance and reinsurance platform based in Bermuda, which has been named Sompo International. The new corporation will have its own board, led by John Charman as chairman and CEO, reporting to the Sompo CEO Kengo Sakurada.