The global modeled insured average annual loss from catastrophes has reached nearly $100bn in 2020.
The losses to onshore property resulting from winds and storm surge are expected to exceed $4bn.
The estimate includes losses to onshore residential, commercial, and industrial properties.
The model supports probabilistic assessments for five newly modeled crop lines of business and a newly modeled sub-peril.
Karen Clark & Company's cat model pegs the insured losses to be around $2bn, excluding NFIP losses.
The strong category 4 storm slammed southern Louisiana and Texas border at the end of August.
The models are designed to help re/insurers accurately assess cyclone and earthquake risks in the region.
The model’s revised view of the seismic hazard and updated vulnerability functions provide a better match to historical losses.
The probabilistic ransomware model covers systemic ransomware events such as WannaCry 2017 and NotPetya 2017.
The updated models are designed to help re/insurers enhance their risk management for all property lines of business.