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."
Today’s stories
AIG to acquire Hamilton USA for $110m, expands partnership with Hamilton Re
AIG confirms Hamilton’s Duperreault as new CEO
Hamilton appoints interim CEO as Duperreault departs to AIG
US P&C industry records $6.6bn underwriting loss in 2016
MGA Nirvana hires Axis Capital underwriter to expand portfolio
Premium, rate reductions shrink in aviation insurance
Did you enjoy reading this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
