2011 News Mentions

Find news mentions, articles, and interviews with EQECAT experts listed below. In-the-news coverage for significant natural disasters and extreme weather in the midwest US during the spring of 2011 have been segmented as shown below.

EQECAT News - Asia Pacific Typhoons

Asia Typhoon Season - News & Interviews

EQECAT monitored and provided insured loss estimates throughout the Asia Pacific typhoon season.

EQECAT News - Hurricane Irene

North Atlantic Hurricane Season - News & Interviews

EQECAT was available for interviews and media inquires throughout the North Atlantic Hurricane Season to provide economic and insured loss estimates.

  • IN THE NEWS - Hurricane Irene: View news mentions and interviews covering Hurricane Irene that formed on August 20 and dissipated on August 28, 2011.
EQECAT News - East Coast Earthquake

East Coast Earthquake - News & Interviews

A magnitude 5.8 earthquake hit Virginia on August 23, 2011 and rocked many states (and nerves) along the east coast.

  • IN THE NEWS: View news mentions and interviews covering the East Coast Earthquake and EQECAT's related damage estimates and analysis of this rare tremor.
EQECAT News - US Spring Storms

US Spring Storms News - News & Interviews

EQECAT provided insured loss estimates and insights to news, insurance and reinsurance agencies affected by the tornadoes and flooding resulting from the historic US spring storms during April and May of 2011.

EQECAT News - Japan Tohoku Earthquake Disaster

Japan Disaster - Interviews, Articles, Publications

EQECAT received extensive media coverage following the earthquakes and tsunami in Japan during March 2011. View the following information related to the Japan earthquakes, tsunami and associated events:

Global Media Mentions

EQECAT in the news during 2011 - select interviews and mentions:

Global Awards

Download 2011 Reactions Global Awards Supplement

September 27, 2011
Reactions
Download 2011 Global Awards Supplement

EQECAT was named "Best Risk Modeling Firm" at the 2011 Reactions Global Awards Dinner held in New York City.


Video & Audio Coverage

Listen to A.M. Best Media Interview with Paul Thenhaus about Earthquake Clustering

December 28, 2011
A.M. Best Media
A.M. Best Media Interviews Paul Thenhaus of EQECAT

Paul Thenhaus of EQECAT was interviewed by A.M. Best Media to explore findings from his white paper about temporal earthquake clustering and their impact to the insurance and reinsurance industries.


Marketplace Article

September 2, 2011
Marketplace
The business of estimating risk

Bill Keogh explains the modeling behind the recently released forecast of potential losses from Hurricane Earl.

"The most important thing we do is we capture and express the uncertainties. It's more about making sure that we're understanding, acknowledging and expressing all the uncertainties involved in the estimates, so that we understand the full range of possibilities."

A.M. BestDay graphic

May 25, 2011
BestDay Audio on A.M. Best Media
EQECAT''s Bill Keogh on Upcoming Hurricane Season

EQECAT President Bill Keogh discusses the upcoming hurricane season, assessing wind risk inland, and EQECAT's plans to update its wind model later this year.

Keogh discussed EQECAT's new Hurricane Model changes:

  • New feature to look at multi-directional windfield as they come on shore
  • Refining vulnerabilities for high-rise buildings based on claims data
  • More detailed information on land use and land cover - which affects roughness. The more rough the territory is the more it will degrade the wind speed.

Download the interview via iTunes: BestDay Insurance News from A.M. Best on iTunes.


Bill Keogh on A.M. Best Media

Interviews

December 2011
Asia Insurance Review
Risk Modeling Not About Being Accurate

EQECAT's President, Bill Keogh, was interview by Asia Insurance Review. Keogh discusses modeling as a "highly uncertain science" and why it is important to consider multiple risk models for analysis.


February 28, 2011
A.M. Best Media
A.M. Best Media Interviews Bill Keogh of EQECAT

EQECAT's President, Bill Keogh, was a guest on A.M. Best Media. Keogh addresses the global catastrophe modeling community and interests of insurers and reinsurers and the need for helping clients set rational expectations about risk.


Download Monte Carlo Roundtable from Insurance Insider

September 2011
Insurance Insider
Monte Carlo Roundtable 2011 (PDF 5 MB)

The Insurance Insider featured the 2011 Monte Carlo Roundtable, which showcases insights from re/insurance industry leaders.

EQECAT's president Bill Keogh participated in the Roundtable and is featured in the article.

"If people expected tsunamis to be reflected in Japanese earthquake models and they're surprised by that, I'd say that's a problem."


Download Insurance Insider Article

September 20, 2011
Insurance Journal
EQECAT President on the Continuing Evolution of Catastrophe Models (PDF 93 KB)

"Models are never done - they're evolutionary," said EQECAT's president Bill Keogh in an interview at the Reinsurance Rendezvous in Monte Carlo.


Bill Keogh image from Insurance ERM
June 27, 2011
InsuranceERM
EQECAT's Keogh stresses the limitations of models (PDF 367 KB)

Models have a very defined role in risk management and they do what they do very well but they don't do everything, the EQECAT president tells InsuranceERM, as he talks about Japan, US hurricanes, global warming and clustering.


Bill Keogh image from The Record article

June 26, 2011
The Record
Hackensack executive specializes in risk and uncertainty

In the risk-modeling business, William Keogh says being "obsessive about uncertainty" is a very good thing. He is the president of EQECAT, Inc., which helps insurance companies plan for uncertainties by creating risk models that allow them to calculate the likely cost of floods, tornadoes, earthquakes and other disasters.


Bill Keogh image from Reactions CEO Forum

June 2011
Reactions - CEO Risk Forum
Great Expectations (PDF 94 KB)

Eqecat CEO Bill Keogh says that cat models have evolved greatly - but people are still not sure what to expect from them.


Global Reinsurance - Q&A Bill Keogh

May 27, 2011
Global Reinsurance
QA: Bill Keogh

Catastrophe modelling firm EQECAT held its London Catastrophe Modelling Conference this week. Global Reinsurance met with EQECAT president Bill Keogh to discuss the latest modelling innovations ahead of US hurricane and what lessons are being learned from Q1 catastrophes.

'EQECAT doesn't do predictions', president Keogh says - it's all about managing uncertainty.


News Mentions

December 28, 2011
Guy Carpenter
Spatial and Temporal Earthquake Clustering: An Overview of EQECAT's Perspective - Part II: Temporal Global Earthquake Clustering

The second part of Guy Carpenter's briefing of EQECAT's earthquake clustering white paper addresses the temporal distribution of mega-thrust earthquakes since 1900 with figures showing dramatic spikes in the global occurrence of these earthquakes and how global seismic moment release corresponds to the periods containing the clustered occurrence of giant earthquakes.

The white paper was authored by EQECAT's Paul C. Thenhaus, Dr. Kenneth W. Campbell and Dr. Mahmoud M. Khater.


December 27, 2011
Guy Carpenter
Spatial and Temporal Earthquake Clustering: An Overview of EQECAT's Perspective - Part I: Summary, Mega-Thrust Earthquakes

This briefing is part 1 of 2 that presents a summary of the earthquake clustering white paper recently released by EQECAT on recent major earthquakes and whether earthquakes of major intensity cluster around the world? If there has there been other, previous series of major earthquakes around the world, are other major earthquakes more likely to occur in the very near future?


December 20, 2011
Insurance News Net
Tokio Millennium Re Signs Five-Year License Agreement and Plans to Integrate EQECAT Results Globally

Catastrophe risk modeling firm EQECAT, Inc. today announced that Tokio Millennium Re Ltd. has expanded its relationship with EQECAT by globally licensing EQECAT's WORLDCATenterprise - a global catastrophe risk modeling platform that includes 181 natural hazard models for 95 countries and territories spanning six continents.


November 3, 2011
Earthquake Report
New Insights into the October 2011 Van (Turkey) Earthquake - detailed analysis by the CEDIM Forensic Earthquake Analysis Group

Total economic damage is estimated in the low single-digit billion USD from EQECAT CatWatch mimicking the PAGER model estimate. Although this is 1/10th of the 1999 Izmit earthquake, it also should be noted that this earthquake is in a region around 4 times poorer (GDP-based) than Izmit. EQECAT has brought forward an insured loss estimate of around $100-200 million through their models which would also fit in reasonably well.


October 30, 2011
Business Insurance
Turkey Earthquake Losses Could Reach $200M

Total economic damage caused by the quake is likely to be in the "low single-digit billions" of dollars, EQECAT said, or about one-tenth of the economic damage that was caused by the devastating 1999 Izmit earthquake in western Turkey in which nearly 20,000 people were killed.


October 28, 2011
Property Casualty 360
Catastrophe Models are a Tool, Not the Toolbox

This does not mean that RMS Version 11 and other stringent models from AIR Worldwide and EQECAT should be discounted. The more information the better the underwriting process, which leads to improved decision-making. And that's the point - people make decisions, not machines.


October 23, 2011
Business Insurance
New hurricane model shakes up insurance market

Tom Larsen, product architect for EQECAT, Inc. in Oakland, Calif., said that models do not produce an absolute answer to risk.

"We are continually working with our clients to remind them that computer models are a complement to informed decision-making and not a replacement for informed decisions" he said.


October 22, 2011
Herald-Tribune
Coastal homes lack flood insurance because of maps

Irene's flooding from surge and waves caused $2 billion in damage in coastal regions alone, only about 10 percent of which was insured, said Tom Larsen, vice president of EQECAT, a disaster-modeling firm for insurance companies.


October 20, 2011
Reuters
Axa closes its European windstorm bond

Independent third-party risk analysis for the notes was provided by EQECAT, Inc.


October 20, 2011
Swiss Re
Swiss Re places EUR 180 million of European windstorm risk on behalf of AXA Global P&C through Calypso Capital Ltd.

Swiss Re Capital Markets has successfully structured and placed EUR 180 million of notes issued by Calypso Capital Ltd. covering European windstorm events.

Independent third-party risk analysis for the notes was provided by EQECAT, Inc.


October 17, 2011
Property Casualty 360
Scientists See Evidence of Giant Earthquake Clusters

Scientists believe there is evidence that great earthquakes occur in clusters over a period of years and that a significant event is on the horizon, according to a report from catastrophe modeler EQECAT.

The report, "Spatial and Temporal Earthquake Clustering: Part 1, Global Earthquake Clustering", lays out evidence that giant earthquakes of magnitude 8 or higher may occur in clusters over a decade or more.

The authors of the report, Paul C. Thenhaus, Kenneth W. Campbell and Mahmoud M. Khater, say the occurrences of great and giant earthquakes "on a global scale cannot be attributed to chance."


October 14, 2011
IBTimes
CatCo exposed to New Zealand and Japanese disasters

On the basis of expected loss analyses released to the market by EQECAT and AIR following the earthquake which all indicated that the attachment triggers in the reinsurance contracts would not be breached, the Fund said that it had no reason to believe that there are any potential losses to the reinsurance portfolio.


October 5, 2011
Reuters
Axa launches first cat bond of Q4

Swiss Re Capital Markets helped to arrange the transaction, while catastrophe risk modeling firm EQECAT will act as the event calculation agent - using data report by European-data aggregator PERILS to determine whether an event has occurred.


October 3, 2011
Business Insurance
More than $90M in Insured Losses from Hurricane Irene

Catastrophe modeler Risk Management Solutions says the storm could cost insurers $2-to-$4.5 billion in the U.S. Modeler EQECAT says U.S. insured losses from Irene will fall between $1.5 billion and $2.8 billion. AIR Worldwide put the range of U.S. insured losses at $3-to-$6 billion.


September 30, 2011
Guy Carpenter
Typhoon Nesat

EQECAT expects insured losses in China to be less than USD50 million due to low levels of damage and low insurance penetration (EQECAT says there is less than 20 percent insurance penetration in China).


September 28, 2011
Wall Street Journal MarketWatch
EQECAT Named "Best Risk Modeling Firm" at 2011 Reactions Global Awards

EQECAT President Bill Keogh stated, "We are thrilled with this honor. At EQECAT, we help the global insurance and reinsurance markets set rational expectations about risk. Thanks to my colleagues for their dedication and excellent work. We also want to thank our clients for their tremendous support!"


September 28, 2011
Insurance News Net
EQECAT Named "Best Risk Modeling Firm" at 2011 Reactions Global Awards

EQECAT, Inc. is proud to announce that it has been named "Best Risk Modeling Firm" at the 2011 Reactions Global Awards Dinner held Sept. 27 in New York City.


September 27, 2011
Guy Carpenter
North Atlantic Hurricane Models

EQECAT's North American hurricane updates were the last to be released and, generally, had the least impact on loss results. The new version contains hazard and vulnerability updates and an upgrade to its storm surge and demand surge components.


September 20, 2011
Property Casualty 360
Insured Losses for Typhoon Nesat Expected to be Under $50M

After making two landfalls on China, insured losses from Typhoon Nesat are expected to remain below $50 million due to low levels of damage and low insurance penetration, according to catastrophe modeler EQECAT.


September 20, 2011
Insurance Journal
EQECAT President on the Continuing Evolution of Catastrophe Models

"Models are never done- they're evolutionary," said EQECAT's president Bill Keogh in an interview at the Reinsurance Rendezvous in Monte Carlo.


September 13, 2011
Reactions
Multi catastrophe model strategy is best

EQECAT's president William Keogh says his company has avoided the controversy surrounding recent model revisions at rivals AIR and RMS because his firm updates its versions frequently.


September 10, 2011
Climate Science Watch
"As the Costs of Extreme Weather Rise, Americans Cannot Afford Denial"

A 30 August report from EQECAT indicates that much of those losses were uninsured: insured losses in the US likely range between $1.5 and $2.8 billion.


September 8, 2011
International Business Times
Another "Virginia Earthquake" Could Cause $20 Billion in Damage

New York City alone could suffer damage as high as $20 billion if it suffered direct effects of an earthquake as large as the Aug. 23 earthquake that rattled the Middle Atlantic, catastrophe analysis firm EQECAT determined.


August 25, 2011
Guy Carpenter
Terrorism Solutions: Models

Modeling methodologies for terrorism have been continually refined and updated since the three major modeling companies - AIR Worldwide, EQECAT and Risk Management Solutions (RMS) released their first terrorism models in 2002.


August 22, 2011
Reuters
Analysis: Hurricane could boost insurance pricing

"If the forecasts are verified by the actual event, this'll just be another multibillion-dollar event on top of an incredibly busy year already," said Jose Miranda, a senior executive at catastrophe modeling company EQECAT.


August 14, 2011
Business Insurance
Cat model averages considered

There are two other credible models that the industry uses to measure this exposure: one provided by AIR Worldwide Corp. and the other by EQECAT, Inc.


August 12, 2011
InsuranceERM
EDF closes rare cat bond deal

The transaction will use parametric triggers, with risk modeler EQECAT acting as calculation and reset agent and data being used from the network of wind-speed monitoring stations of reporting agent Metnext, as subsidiary of Météo-France.


July 25, 2011
Insurance Insider
Expected losses on new EQECAT US hurricane model down 10%

Annual average losses (AAL) computed by EQECAT's updated North Atlantic Hurricane model are down circa-10 percent overall compared to its predecessor.

The modelling firm demonstrated its WORLDCATenterprise 3.16 release - which also includes updated Canada Quake and Asia Typhoon Models- to underwriters, brokers and other interested parties in New York and Bermuda last week.

And in contrast to the dramatic increase in expected losses on several peak zone states generated by RMS Version 11.0 when it was launched earlier this year, the new US hurricane model from EQECAT provides underwriters with a much more stable picture of their potential exposures.


July 22, 2011
Insurance Journal
Moody's Affirms California Earthquake Authority Bonds

"Since the last rating action, modeled losses have gone down as a result of changes to EQECAT's earthquake model, allowing the CEA to increase in-force exposures and reduce claims-paying capacity without exceeding the 1-in-500 year earthquake," said Kevin Lee, a senior credit officer at Moody's.


July 19, 2011
Digital Journal
NAPCO Releases Summer 2011 Report on State of the Catastrophe Property Insurance Market

A third modeling firm, EQECAT, is scheduled to release an update to its North Atlantic Hurricane model in July 2011.


July 15, 2011
Property Casualty 360
AXIS: Up to $105M in Losses From 2Q Cats

For the New Zealand June aftershock, catastrophe-modeler EQECAT says it expects insured losses of between $3 billion and $5 billion.


July 13, 2011
Canadian Underwriter
EQECAT shakes up its Canada quake model

EQECAT is launching an updated version of its Canada quake model in July.


July 11, 2011
Artemis
EQECAT CatWatch reports now available on Artemis

EQECAT has recently partnered with Artemis to provide our CatWatch catastrophe reports directly through their site. This gives readers easy access to the most current catastrophe reports as they are published.


July 10, 2011
Live Insurance News
EQECAT to introduce three new catastrophe models

EQECAT, creator of catastrophe risk models, has announced that it will be unveiling its latest revisions to the WORLDCATenterprise 3.16 platform on July 15, 2011. The updates will be made to the Asia Typhoon Model, the Canada Earthquake Model and the North Atlantic Hurricane Model.


July 5, 2011
Insurance & Technology
When Disaster Strikes

Tom Larsen, SVP of product architecture for the Oakland-based CAT modeler, says that while these events occurred close together, there isn't evidence of a trend, and there's no way of knowing for sure what could be coming down the road.


July 1, 2011
Property Casualty 360
EQECAT to Release Hurricane Model Update July 15

Risk modeler EQECAT will add to the hurricane model debate when it releases an update to its North Atlantic Hurricane Model on July 15.


June 30, 2011
Insurance Networking News
Season's First Named Storm Makes Landfall

The first storm of what is expected to be an active hurricane season has reached land, as Tropical Storm Arlene slammed in Cabo Rojo, Mexico, around 60 miles (100km) south of Tampico. "Rainfall accumulations of 4 to 8 inches are expected over the Mexican states of Tamaulipas, Veracruz, and eastern San Luis Potosi," Oakland, Calif.-based catastrophe modeling EQECAT, Inc. stated in a release.


June 29, 2011
Insurance Journal
EQECAT Set to Release 3 Revised Catastrophe Models

Catastrophe risk modeler EQECAT has scheduled July 15 as the date to release three significant revisions to its Worldcatenterprise 3.16 platform. The updates cover EQECAT's North Atlantic hurricane model, its Canada earthquake model and its Asia Typhoon Model.


June 23, 2011
The Sydney Morning Herald
Latest NZ quake to hit insurer earnings

Risk modeling company EQECAT has estimated that the latest disaster will cause additional insured losses of between $US3 million ($A2.84 million) and $US5 million ($A4.74 million), due mainly to damage to buildings that had been repaired since the last earthquake.


June 20, 2011
InsuranceNEWS.com.au
Christchurch earthquake: Reinsurers calm fears, EQECAT defends estimate

Catastrophe modeler EQECAT has defended its loss estimate for the June 13 Christchurch earthquakes, while reinsurers have reassured the market they will cover New Zealand risks.

Following the criticism of its latest forecast EQECAT issued a statement on Friday in response to insuranceNEWS.com.au questions saying the incremental losses from the June 13 event imply an expectation of a 10-20% increase in damage from the February earthquake.


June 20, 2011
The Insurance Insider
EQECAT defends NZ aftershock loss estimate

Modelling firm EQECAT has stuck by its estimate that the 13 June Christchurch aftershocks could result in losses of $3bn-$5bn for the insurance industry, despite the figures being rubbished by the country's leaders.


June 17, 2011
Reuters
Christchurch Earthquake Impact on Non-Life Insurers

EQECAT, Inc., has estimated the 13 June earthquake to have caused additional insured losses in the range of USD 3bn to USD 5bn, and cited damage occurring to repaired structures and facilities as the main loss drivers.


June 17, 2011
Reuters
EQECAT defends loss estimate for Monday NZ quake

Catastrophe modeler EQECAT released a defense of its loss estimate of $3 billion to $5 billion for Monday's Christchurch earthquake, saying its models suggested that would be the incremental damage to the city over and above February's quake.


June 17, 2011
Insurance Journal
EQECAT Defends Latest New Zealand Loss Estimate

Catastrophe modeler EQECAT released a defense of its loss estimate of $3 billion to $5 billion for Monday's Christchurch earthquake, saying its models suggested that would be the incremental damage to the city over and above February's quake.


June 16, 2011
Insurance Networking News
Here Comes Hurricane Season

Catastrophe modeling firm EQECAT has issued its first "CatWatch" of the year. The publication notes the Atlantic Hurricane season is forecasted to be "slightly above average" in activity, intensity and landfalls.


June 16, 2011
Brisbane Times
Christchurch stress as high as war zone

The financial toll is also steep, with risk analyst EQECAT estimating the latest disaster could add $NZ6.1 billion ($A4.67 billion) to the region's insurance losses.


June 16, 2011
Stuff
Insurers may have last say on city's fate

The early estimate of damage from this week's aftershocks by global catastrophe modeler EQECAT puts the additional cost as high as $6 billion.


June 15, 2011
Global Reinsurance
Latest NZ quake could cost $3bn-$5bn

EQECAT said the latest quake is not expected to cause significant damage to buildings undamaged by the February event, but will cause incremental damage and loss.

The firm added that had the quake hit directly after the February event, it would have caused additional losses of between US $1bn and US $2b. However, four months on, EQECAT estimates the damage will cost insurers between US $3bn and US $5bn, with the incremental losses occurring to repaired structures and facilities.


June 15, 2011
Stuff
Monday's shocks lift risk to 30% and add $6b costs

"This latest event is expected to cause an additional US $3b to US $5b in insured losses to the region," EQECAT's statement said, about NZ $3.6b to NZ $6b.

Advisor FPN, an international alert service, judged the EQECAT estimate sufficiently important to make an urgent release to its insurance broker membership.


June 14, 2011
Reuters
EQECAT: Up to $5 bln in damages from new NZ quake

Monday's earthquake in Christchurch, New Zealand, likely caused an additional $3 billion to $5 billion in insured losses on top of the damage from two previous quakes, catastrophe modeling company EQECAT said on Tuesday.

The quake was the third major one to hit New Zealand in the last nine months. EQECAT said the three events in total caused anywhere from $15 billion to $23 billion in insured loss.


June 14, 2011
Property Casualty 360
EQECAT: Add $3B to $5B in Insured Losses to NZ Quake Tally

Catastrophe risk modeler EQECAT says the latest earthquake in Christchurch, New Zealand is expected to cause an additional $3 billion to $5 billion in insured losses.

EQECAT adds, "The continuation of this sequence of damaging earthquakes to Christchurch along unknown fault structures is delaying recovery and restoration efforts."


June 14, 2011
Business Insurance
Latest New Zealand quake causes up to $5B in damage

In a statement, EQECAT said buildings that were damaged in the February event suffered further damage in Monday's quake, and there have been reports of newly collapsed buildings in the district. EQECAT said the quake caused disruptions to electrical, gas and water utilities amid near-freezing overnight temperatures and also affected some roadways.


June 9, 2011
Trading Risk
US wind risk down under new EQECAT hurricane model

The new US hurricane model from EQECAT will show slightly lower expected losses from the peril than the previous version, the firm's president Bill Keogh told Trading Risk ahead of its launch in July.

In contrast to rival RMS's Version 11 wind model - which increased expected losses by more than 100 percent in some cases - EQECAT's model will show decreases of just under 10 percent to expected losses for US wind events.


June 5, 2011
Insurance News Net
EQECAT President: Updated Model, Slated for July, Lowers Expected Fla. Losses

The latest version, when it is released, will have a more sophisticated way of tracking wind speeds as hurricanes come onshore, and consider the multiple directions of winds, as well as how terrain affects wind strength, Keogh said. Also in the update, EQECAT is refining vulnerabilities for high-rise buildings, based on additional claims data.


June 2, 2011
Claims Advisor
Claims and the Cat Model

Recent events like the Japan earthquake have provided a wealth of information for catastrophe modeling as its importance for claims grows. We dive in deeper with EQECAT's Bill Keogh.

Bill Keogh, president of catastrophe modeling firm EQECAT, gives an example:

"Let's say you have a big storm that's out at sea. What we do is start telling our clients, at this stage, in this event which is still far offshore, here are a hundred events that could be potentially what this looks like when it makes landfall. That way they can start planning."


June 2, 2011
News Insurances
Cyclone Yasi may cost Australia $5 billion

Cyclone Yasi may have cost Australia up to $5 billion in damages after ripping through the country's northeast, destroying towns and key crops, catastrophe modeler EQECAT estimated Friday.

EQECAT and AIR use historical data and complex mathematical formula to measure the potential impact of natural disasters. Major insurance companies use their estimates to reduce their exposure to the most expensive risk.


June 1, 2011
The New York Times
In Wake of Natural Disasters, Insurance Industry Braces for Losses

"Natural catastrophe losses in the United States are likely to be well over $10 billion by the end of 2011," said David Smith, the Senior Vice President of Eqecat, Inc., a catastrophe risk modeling firm.


June 1, 2011
The Street
Insurers Brace for Unusually Expensive Year

And disaster-claims payouts worldwide this year are on record pace, on order of $50 billion to $60 billion so far, said Jose Miranda, Director of Client Advocacy at EQECAT, which provides disaster and risk modeling for insurance companies.


May 30, 2011
iStockAnalyst
The Rising Cost of Bad Weather

As an industry, EQECAT, a firm that provides risk models to insurance companies, estimated the industry may be hit with losses totaling $10 billion before the year is over.


May 29, 2011
The Times-Picayune
New Orleans area deserves better insurance options, prices as hurricane season begins, officials say

David Smith, Senior Vice President of Model Development at EQECAT, said the company's new model will show small to moderate decreases in risk for the New Orleans area, and that it does take the region's state-of-the-art flood defenses into account.


May 24, 2011
Bernews
EQECAT: Re/Insurers"Face Record Losses"

According to EQECAT, Inc., which provides disaster and risk models, reinsurers are also reeling from international cataclysm, including the earthquakes in Japan and New Zealand which caused billions of dollars in insured losses.

Globally - including the Japanese and New Zealand quakes as well as floods and a cyclone in Australia - US and overseas re/insurers could post up to $55 billion in losses, EQECAT projects.


May 24, 2011
Seeking Alpha
Wall Street Breakfast: Must-Know News

EQECAT forecasts that insurers could suffer losses of up to $55B from disasters, including from the major earthquakes in Japan and New Zealand.


May 19, 2001
St. Petersburg Times
As insurers win more rights to raise rates, real loser may be Florida's struggling housing market

The "big three" companies that do hurricane modeling for insurance companies - AIR Worldwide, Risk Management Solutions and EQECAT - can vary widely on the probability and impact of catastrophes.


May 16, 2011
Business LIVE
Cat bond investors not scared off by Japan quake

Two additional cat bonds totalling $210 million remain at risk - but as 'subsequent event' transactions. The sponsors of both bonds have sent official event notices to the calculation agents - RMS and EQECAT respectively.


May 13, 2011
The Wall Street Journal
Spain Earthquake Unlikely To Be Major Event For Insurers - Study

EQECAT, Inc. Friday estimated that the "insured losses net of deductible aren't expected to exceed $100 million." EQECAT said damage to properties from this event is concentrated in a small region near the epicenter of the earthquake, including the central business district historical town of Lorca.


May 13, 2011
Property Casualty 360
Spain Quake Covered By State Insurer; Claims Around $100M

Claims from the earthquake that shocked the Murcia region of Spain on Wednesday will cost the state owned insurer around $100 million, risk-modeling firm EQECAT says.

According to the three major catastrophe modeling firms - EQECAT, AIR Worldwide and Risk Management Solutions - losses from the quake will be covered by Consorcio de Compensacion de Seguros, a state-guarantee insurer. Coverage for such events is mandatory in Spain, the modelers say.

EQECAT says based on current information, insured losses are not expected to exceed $100 million, net of deductible. The coverage is mandatory for property insurance except for agricultural property, construction and erection risks, both EQECAT and AIR note.


May 13, 2011
Business Insurance
Up to $100M in insured losses from earthquake in Spain: EQECAT

Insured losses in a deadly earthquake that struck southeastern Spain this week will likely be limited to $100 million, said Oakland, Calif.-based catastrophe modeler EQECAT, Inc.


May 13, 2011
Insurance Journal
EQECAT Estimates Spain Quake Insured Losses at Maximum $100 Million

Catastrophe modeling firm EQECAT has released a "CatWatch Update" on the market loss estimate for the May 11 earthquake near Lorca, Spain. EQECAT said the 5.1 magnitude earthquake "ruptured near the surface about 200 miles SSE of the capital city of Madrid".


May 10, 2011
Insurance & Technology
Risk Modelers' Don't Worry Too Much About Early Hurricane Predictions

Until hurricane season is fully upon the US, risk modeler EQECAT, Inc. does not hold much faith in early hurricane predictions.

EQECAT SVP of product architecture Tom Larsen said "They don't lend themselves to a lot of action" for insurance clients, he added, though he said that EQECAT reviews many forecasts over the course of the year.


May 2, 2011
CFO Magazine
Modeling Disaster

"It's surprising anyone can get any sleep," says Bill Keogh, president of EQECAT, a global catastrophe risk modeling provider and consultancy. "There's a lot out there that we don't know about."

"Our [insurance] clients use multiple servers and run billions of calculations, depending on the size of their portfolio," Keogh says. "Imagine you have a million records in a portfolio and you simulate 10,000 possible events. That's 10 trillion possibilities. And for each policy and location you have to estimate the loss to the deductible and/or the loss to reinsurance. That's a lot of number-crunching."

"Catastrophes," says EQECAT President Keogh, "don't happen in an orderly fashion. It would be nice if we could say that every six months we'll have this or that catastrophe, but it doesn't work that way."


May 2, 2011
Business Insurance
Tornadoes devastate southern US

Preliminary reports indicate as many as 10000 buildings were destroyed in the affected areas, putting insured property damage loss estimates between $2 billion and $5 billion, according to catastrophe modeling firm EQECAT, Inc.


April 29, 2011
UPI.com
Texas governor fumes over wildfires aid

EQECAT, a catastrophe risk-modeling firm that advises insurance, reinsurance and financial companies, said Friday insured losses from the fires in Texas "have probably already exceeded $100 million." Insured losses from the most recent tornadoes is estimated at $2 billion to $5 billion, the company said.


April 19, 2011
Reuters
UPDATE 2-Platinum Underwriters posts Q1 loss

Reinsurer Platinum Underwriters Holdings Ltd swung to a quarterly loss, hurt by catastrophe losses from earthquakes in Japan and New Zealand, but expects to benefit from better reinsurance rates for the rest of the year.

Risk modeling agency RMS has estimated the total insured loss at between $21 billion and $34 billion, while rivals EQECAT and AIR Worldwide are expecting losses of $12-$25 billion and $20-$30 billion, respectively.


April 4, 2011
Sun Sentinel
Could Florida's home insurance rates rise due to Japan disaster?

Claims payouts for the Japan disaster could cost up to $25 billion, Bill Keogh, president of EQECAT, said in an interview last month. EQECAT provides consulting and software to insurance and reinsurance companies to help them project the risk of hurricanes.

Keogh said EQECAT's risk prediction model for Florida will factor in recent data for hurricanes and that Florida has dodged direct hits in five years, but that won't necessarily effect prices. "What you saw last year was an extremely active [hurricane] year. It wasn't an extremely active landfall year," he said.


April 4, 2011
Industry Week
Maximizing Protection Against Disruptions to Your Supply or Distribution Chain

Catastrophic events result in a flood of claims for insurance recovery. EQECAT, a catastrophe risk modeling software and consulting company, estimates that the loss to the insurance industry arising from the recent earthquake and tsunami in Japan will be $12-25 billion, and the World Bank estimates that damages between $14-33 billion will be covered by private insurance.


April 1, 2011
Risk & Insurance
CAT Model Updates, Market Reactions and a Tip for the Risk Manager

Tom Larsen, senior Vice President and product architect at EQECAT, another firm specializing in catastrophe modeling, said that the firm is in the process of updating its Atlantic Hurricane model. An update is expected in June, following the last significant update in 2007.

"Our typical style is incremental updates, but we expect 2011 to be a big release," Larsen said.


February 22, 2011
Post Online
Major earthquake hits Christchurch

A major earthquake of magnitude 6.3 occurred near Christchurch, New Zealand on February 22, 2011 at 12:51pm local time (11:51pm GMT Monday, February 21). EQECAT is researching this area more extensively to develop a method to separate the new damage estimate, but current indicators are that damage from this new event will exceed $1billion USD.


February 10, 2011
Forexyard
SPECIAL REPORT-Extreme weather batters the insurance industry

In this article, Bill Keogh, President of EQECAT, discusses how changes in the "built environment" have a larger impact on catastrophe losses than environmental changes.


February 3, 2011
Canadian Underwriter
Cyclone Yasi estimated to cause between $2 billion and $5 billion in damages: EQECAT

EQECAT, Inc., the leading authority on extreme-risk modeling, forecasts losses stemming from the severe tropical cyclone Yasi to range from $2 billion to $5 billion.


January 28, 2011
Reuters
Swiss Re planning new Successor X cat bond -S&P

Swiss Re plans to add to its long running catastrophe bond series by launching the first transaction in 2011 under its Successor X shelf programme, credit rating agency Standard & Poor's said on Friday. EQECAT will provide risk modelling services for the bond.


January 26, 2011
Bloomberg Article
Cooler Western Pacific Triggers Fewest Major Storms Since 1949

One of EQECAT's research scientists, Justin Brolley, provided catastrophe modeling information and findings to Bloomberg. Article discusses the effect of changes in sea temperature and the resulting reduction in the number of storms in the Pacific ocean region and recent Queensland flooding.


January 21, 2011
Property Casualty 360
RMS, AIR, EQECAT Respond To Near-Term Model Criticism

In this article, David Smith, EQECAT SVP of Model Development, discusses that EQECAT's models are not a prediction of what will happen but a "representation of risk" dependent on aspects in the climate system which are favorable for tropical storms.


January 4, 2011
Swiss Re
Swiss Re obtains USD 170 million in natural catastrophe protection through a unique cat bond combining Australia earthquake with US peak natural catastrophe risks

Risk modelling and analysis were performed by EQECAT, Inc.


Follow @EQECAT on TwitterFollow @EQECAT on Twitter for the latest updates and industry-related news.

Subscribe to CatWatch Catastrophe ReportsSubscribe to CatWatch Catastrophe Reports to receive reports and updates on catastrophic events via email.