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Google DeepMind developers recently said in a peer-reviewed paper that the model "marks a turning point in weather forecasting”. -
The number of disasters costing $1bn or more during the period is the highest on record.
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Aon-owned Mexican cat modeler ERN estimated Otis insured wind losses, excluding auto and infrastructure, at $1.2bn-$1.8bn.
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The forecast reflects property damage and BI losses to residential, commercial, industrial and automobile lines.
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The estimate includes wind damage, as well as damage to property, automobiles, agriculture and direct BI.
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The worst of the damage was experienced in Brest, northwest France.
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Sources are now seeing estimates far in excess of Cresta’s $2.2bn October tally.
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Last year’s APCIA took place during the post-Hurricane Ian stand-off, but despite the greater calm and certainty surrounding the run-up to this year’s 1 January renewal, there are several key themes to be debated at the event.
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Severe convective storms accounted for roughly 70% of global insured losses between January and September this year, compared to an average of 34%
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The storm caused significant wind damage and flooding across parts of Scotland and England.
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Sources said that CAC Specialty brokered the policy, which is placed across the US and London markets.
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Verisk said the majority of the insured losses can be attributed to wind damage.
