2021 Insurance Council of Australia Limited. New Zealand flooding in the period 27 January 2023 and ongoing, Storm Eunice, affecting the UK and Europe in the period 18 February 2022, US Winter Storm affecting Texas commencing 12 February 2021, New South Wales wildfires commencing 1 August 2019, Western Australia wildfires commencing 13 November 2019, Ridgecrest Earthquakes, encompassing a series of earthquakes, emanating in the vicinity of Ridgecrest, California. Open models allow components to be more visual and accessible to users. This would be likely to increase the complexity of models and propel demand for more transparent and flexible models. Bulletins Specialized Support Catastrophe Response Catastrophe Response When a natural disaster or other catastrophic event hits, Travelers helps you manage your claim and recover. Flash Airlines Boeing 737, SU-ZCF, operating flight FSH604, Sharm-el-Sheikh - Paris, Vapour Cloud Explosion at Sonatrach's plant at Skikda, Algeria, Mesa Air Group/Air Midwest Beech 1900D crashed during take-off from Charlotte-Douglas International Airport, Typhoon/Super Typhoon Maemi - South Korea and other South Pacific areas. EP is the likelihood that a loss greater than or equal to a determined amount will occur in the coming year. Stay on top of all the latest news impacting the insurance marketplace and understand the innovations, trends and insights on the changing risk landscape. 7500 Security Boulevard, Baltimore, MD 21244. You will soon be redirected to the 3E website. TDI Catastrophe bulletins TDI Catastrophe bulletins For more specific information on a particular bulletin, please refer to the contact person/division at the end of the bulletin. Slave Lake fire, Alberta, Canada, starting 14 May 2011 and continuing 15 and 16 May 2011, Loss of Asiana Airlines Cargo Boeing 747-400F, registration HI 7604 on 28 July 2011 following a reported in-flight fire, Losses arising from civil disturbances in England, 6 August - 10 August 2011, Losses arising from Hurricane Irene, affecting Puerto Rico, Bahamas and Eastern Seaboard of United States and Canada from 22 August to 29 August 2011, Losses arising from New Zealand earthquake at Sumner, 13 June 2011, Texas wildfires from 30 August and continuing through September 2011, including Bastrop County fire. The Insurance Council of Australias second annual Insurance Catastrophe Resilience Report highlights the impact of climate change on the availability and affordability of insurance due to worsening extreme weather. details. A list of catastrophe contacts for each state can be found by clicking on the following link: . For property lines of insurance, companies should include any claims or losses with occurrence dates from February 11 through February 19 that resulted from any of the following causes of loss: freezing (including any resulting water damage), ice, snow, wind, or power outage. Arch Capital Group warned that it will experience Q1 2021 pretax catastrophe losses ranging from $180 million to . DeadlineThe first report for data as of February 28, 2021, is due March 31, 2021. We do not offer direct consumer advice or services but we want to help you find what you're looking for in our contact directory. Related Content: Feb. 21, 2021: US Homeowners Insurance May Return to Underwriting Gains in 2021 Enhancing Financial Protection Against Catastrophe Risks: The Role of Catastrophe Risk Insurance Programmes Format Analysis Source. Access forms, tools, and resources for individuals and organizations to file forms, improve efficiency, and remain compliant. Select a state or jurisdiction for insurance department contact information. Aircraft has been declared a total constructive loss. PCS Catastrophe Conference provides the most Daily Technological advances and higher resolution exposure data have accelerated this evolution in recent years. Deductibles the amount you have to pay yourself for most services before the plan starts to pay anything are very high. In addition to reviewing the statistical plan, please refer to 28 Texas Administrative Code Section 5.9502 for more information about reporting under the statistical plan. European storm Xynthia, affecting Spain, Portugal, France, Belgium, Germany etc. The cost controls and 56-hour rule took effect in July 2021. 1949 to 1997 Access every catastrophe bulletin issued by PCS TWIA's 2021 Annual Report, covering the period . Aerocarribbean S.A. ATR 72, registration CU-T1549, crashed 4 November 2010 during a domestic flight in the remote area of Sancti Spiritus, Cuba. 1991-2023 National Association of Insurance Commissioners. These companies will still be required to respond to TDI's bulletin as provided in the statistical plan. Storm Source: CoreLogic, a property data and analytics company. TWIA Issues 2021 Annual Report and Catastrophe (CAT) Incident Response Plan. A loss attributable to a common cause which occurs over a period of time and is not date specific is assigned a code which may be prefixed by * or !. forecasts, satellite and radar maps. There are four basic modules to all cat models, regardless of the peril being modeled. ISO's Property Claim Services (PCS) unit is the internationally We do not offer direct consumer advice or services but we want to help you find what you're looking for in our contact directory. the Catastrophe Insurance Working Group of the NAIC published the Catastrophe Computer Modeling Handbook in January 2001. Please visit our newsroom to learn more about this agreement: Verisk Announces Sale of 3E Business to New Mountain Capital. Many catastrophe bonds and industry loss warranty issuers choose the PCS Catastrophe Loss Index because PCS: PCS assigns a catastrophe serial number to loss events in the United States, Puerto Rico, and the U.S. Virgin Islands that cause $25 million or more in insured property losses and affect a significant number of policyholders and insurers. Copyright 2023, Insurance Information Institute, Inc. Catastrophe codes issued in calendar year 2016. In these instances, when there is no way to ascertain whether the parameters or distributions are correct, the models incorporate informed judgement and subjectivity. (1) Natural disasters that cause at least $25 million in insured losses; or 10 deaths; or 50 people injured; or 2,000 filed claims or homes and structures damaged. Tornado affecting Oklahoma City and environs, Central European flooding following heavy rainfall in Germany, Austria and the Czech Republic, and possibly other areas, Flooding following heavy rainfall in Alberta, Asiana Airways 777-200ER Registration HL 7742 crash landing at San Francisco International Airport. Commencing 26 December 2022 to 31 December 2022, US Winter Storm commencing 12 February 2021, New South Wales flooding commencing 18 March 2021, Pacific Northwest floods including British Columbia, Canada and Washington State, USA commencing 12 November 2021, Tornado outbreak affecting Kentucky, Arkansas, Illinois, Missouri and Tennessee commencing 10 December 2021, Victoria wildfires commencing 21 November 2019, Hurricane Laura commencing 23 August 2020, Regulatory tools (Crystal, Risk Locator & Stamp Decision Tool), Open Market Quality Assurance Tool (QA Tool), Binding Authority Quality Assurance Tool (QA Tool), Third Party Oversight (Delegated Authority), View all 'Claims for market participants', FAQ - Lloyd's Claims Scheme Consultation 2023, European floodingcommencing 12th July 2021, Civil Unrest in South Africa,commencing 8 July 2021, Tropical Storm Henri commencing 20th August 2021, Hurricane Ida commencing 27th August 2021, Australianwildfires commencing 1 August 2019, 1 August 2019 and 3 May 2020 and ongoing, 1 August 2019 and 13 February 2020and ongoing, Australian hailstorm commencing 19 January 2020, Australian hailstorm affecting New South Wales commencing, Australian hailstorm affecting Victoria commencing 19 January 2020. (1) Includes Puerto Rico and the U.S. Virgin Islands and losses sustained by private insurers and government-sponsored programs such as the National Flood Insurance Program. Explore recent publications, the latest news articles, new federal and legislative news, and model laws to help inform your approach. In 2021, individuals with Part D plans will pay a minimum of $9.20 for a brand-name medication and $3.70 for a generic drug (or 5% of retail costs, depending on which is higher), according to the . Access technology tools and resources for U.S. insurance regulators. Catastrophe modeling: A vital tool in . Bulletins; and other specific regulatory and legislative information. Issue:A catastrophemodel (or cat model)is a computerized process that simulatespotential catastrophic events and estimates the amount of loss due to the events. (3) Apartments, condominiums and multi-unit dwellings. ISO needs reporting insurers that have not yet registered with ISO to complete the attached form to set up the appropriate credentials for statistical reporting. Status: The current focus of modelers is on reaching resolutions high enough to price insurance for an individual property's specific characteristics. To: These include doctors services, inpatient and outpatient hospital care, prescription drug coverage, pregnancy and childbirth, mental health services, and more. FEMA Region 6 Workshop. If the page has not redirected, please visit the 3E site here. Catastrophe Management Manual including Adjuster Licensing Laws, Valued Catastrophe codes issued in calendar year 2015. An overview of the reporting requirements for ELE claims are as follows: Unit Statistical Claims involving an ELE are coded using the established catastrophe code, which is reported in the catastrophe number field on the Loss Record. ZIP codes included in data callReporting formTexas Catastrophe Event Statistical Plan for Personal and Commercial Risks (statistical plan). NEW YORK, Aug. 17, 2021 - The insurance industry ended 2020 profitably, with a combined ratio of 98.7. Claims Information Services contains information from the PCS Catastrophe Management Manual including Adjuster Licensing Laws, Valued Policy Laws, Unfair Claims Practices Acts; the PCS Claims Digest; HELP Bulletins; and other specific regulatory and legislative information. Check if you qualify for a Special Enrollment Period. Western European floods, affecting Switzerland, Austria, Hungary, Germany etc. Cat Model Basics:Cat models are designed to quantify the financial impact of a range of potential future disasters. Debbie was downgraded to tropical low late on 28 March 2017 and the weather system continued to spread from QLD into NSW. Explosion at a blast furnace, Dearborn, MI, near Detroit, USA. Flooding of the Susquehanna River, New York, Ethiopian Airlines B737-800, ET-ANB flight number ET409, crashed into the sea of Beirut shortly after take off in bad weather 25 January 2010, US snowstorms and winter weather, affecting Eastern Seaboard, USA. Answers regarding health care law and insurance. Catastrophe codes issued in calendar year 2013. Natural Catastrophes By Quarter, 2022 (1) (2022 $ millions) (1) Natural disasters that cause at least $25 million in insured losses; or 10 deaths; or 50 people injured; or 2,000 filed claims or homes and structures damaged. Supporting Resiliency and Disaster Recovery, Credit Insurance For Short-Term Trade Receivables, Supporting Businesses, Workers, Communities, A Firm Foundation: How Insurance Supports the Economy, Insuring Your Business: Small Business Owners' Guide to Insurance. For 2021, the combined ratio is likely to increase to 99.6, according to forecasts by the Insurance Information Institute (Triple-I) and Milliman. As of February 2, 2022. For example, the 250-year PML represents the 99.6 percentile of the annual loss distribution. puts the entire PCS catastrophe-history database right at your fingertips. Companies are required to report data for all lines listed under the statistical plan. As a consequence, in excess of 50 aircraft sustained varying degrees of damage. information about program content, session descriptions, and conference Find contact information for insurance departments and local insurance agents, or file a complaint. incident information from as far back as 1950. Copyright 2023, Insurance Information Institute, Inc. Domestic and international policy and outreach initiatives. Catastrophe models have been rapidly evolving since their introduction in the 1980s. Catastrophe codes issued in calendar year 2010: Catastrophe codes issued in calendar year 2009: Catastrophe codes issued in calendar year 2008: Catastrophe codes issued in calendar year 2007: Catastrophe codes issued in calendar year 2006: PCS assigns a catastrophe serial number to loss events in the United States, Puerto Rico, and the U.S. Virgin Islands that cause $25 million or more in insured property losses and affect a significant number of policyholders and insurers. Cyclone Yasi - 2-3 February 2011, affecting Queensland, New Zealand earthquake affecting Christchurch and surrounding area on 22 February 2011, Japanese earthquake and ensuing tsunami, 11 March 2011. Continued advances in computing capabilities and data collection instruments have the potential to fill model gaps and provide real-time modeling. The global Catastrophe Insurance market size is projected to reach multi million by 2030, in comparision to 2021, at unexpected CAGR during 2023-2030 (Ask for Sample Report). Access to every published model law, regulation, and guideline. Catastrophe into your own system. A330 operated by Afriqiyah Airways, registration 5A-ONG, crashed during landing at Tripoli airport on 12 May 2010. PCS National Flood Insurance Program Data. What Catastrophic plans cover. All listed companies showing an "X" in either the Property, Auto, or All Other columns on TDI's list of companies must report data to ISO. Severe Weather Summaries contains daily descriptions of severe (1) Natural disasters that cause at least $25 million in insured losses; or 10 deaths; or 50 people injured; or 2,000 filed claims or homes and structures damaged. Single losses, Catastrophe codes issued in calendar year 2002, Catastrophe codes issued in calendar year 2001, Catastrophe codes issued in calendar year 2000, Catastrophe codes issued in calendar year 1999, Catastrophe codes issued in calendar year 1998, Catastrophe codes issued in calendar year 1997, Catastrophe codes issued in calendar year 1996, Catastrophe codes issued in calendar year 1995, Catastrophe codes issued in calendar year 1994, Catastrophe codes issued in calendar year 1993, Lloyds and Corporation of Lloyds are registered trademarks of the Society of Lloyds, Lloyds is authorised under the Financial Services and Markets Act 2000, Floods, landslides and sinkholes, California, USA - in the period 1 January 2023 and ongoing, Earthquakes in the middle east in the period 6 February 2023 and 8 February 2023, Earthquakes in the middle east in the period 6 February 2023 and affecting Turkey, Earthquakes in the middle east in the period 6 February 2023 and affecting Syria, Storm Dudley, affecting the UK and Europe in the period 16 and 17 February 2022, Storm Franklin, affecting the UK and Europe in the period 20 and 21 February 2022, Eastern Australia Floods (QLD & NSW) in the period 23 February and 7 March 2022, Hurricane Fiona, affecting the Caribbean and Eastern Coast of North America in the period 18 September 2022 to ongoing, Hurricane Ian commencing 27 September 2022 and ongoing, Hurricane Ian commencing 28 September 2022 and affecting Florida, Hurricane Ian commencing 28 September 2022 and affecting Georgia, Hurricane Ian commencing 28 September 2022 and affecting South Carolina, Losses directly arising from Russias invasion of Ukraine, commencing February 2022 (i.e. Documents exposed by various committee workgroups. Access public conference call documents and information. One topic that arose was how there are three different kinds of CAT models that deviate from the vendor models: (1) internal CAT models; (2) vendor CAT models with adjustments or different weights; and (3) derivative models based on the vendor models. ZIP codes included in data call Reporting form Select your PCS Includes Puerto Rico and the U.S. Virgin Islands. Caribbean Airlines B737-800 registration 9Y-PBM ran off the end of the runway over a steep embankment on landing at Cheddi Jagan International Airport, Guyana. Losses arising from Flooding in Queensland from 26 December 2010, Windstorm Klaus, affecting France and Spain. Information Services contains information from the PCS Map of all ZIP Codes in Utah. The General Insurance Code of Practice sets out the standards that general insurers must meet when providing services to their customers. Catastrophe eventReporting is required for the February 2021 Texas winter weather event that took place starting on February 11, 2021, through February 19, 2021, throughout Texas. Explosion and ensuing fire at the Hertfordshire oil storage terminal, Buncefield, Hemel Hempstead, Herts. Based on the estimated probability of loss, they can estimate a range of direct, indirect, and residual losses. 3 things to know before you pick a health insurance plan, The health plan categories: Bronze, Silver, Gold & Platinum, Health insurance plan & network types: HMOs, PPOs, and more, Your total costs for health care: Premium, deductible & out-of-pocket costs, hardship exemption or affordability exemption, Monthly premiums are usually low, but you cant use a. Access forms and tools to file expense reports, review grant and zone scholarship balances, and travel guidelines. Severe storm crossed over Amsterdam Schipol Airport and Woensdrecht Airfield in the Netherlands. Includes losses sustained by private insurers and government-sponsored programs such as the National Flood Insurance Program. An insurance industry taskforce is established to identify and address insurance related issues arising from the natural disaster. ICA disaster response specialists are mobilised to the affected location to work with government agencies, emergency services, local agencies and affected policyholders. tropical storms and land-based events. "October is typically . Aircraft struck the ground 15kms short of Perm Airport, Russia fatally injuring 82 passengers and 6 crew. [email protected], 1601 Congress Avenue, Austin, TX 78701 | P.O. Our sophisticated tools allow us to actively monitor weather and claim activity so we can act. Your tax credit is based on the income estimate and household information you put on your Marketplace application. Transocean MODU Deepwater Horizon - Explosion and resultant sinking off the coast of Louisiana from 20 April 2010. January 1, 1998, please use the Catastrophe Bulletins section above. Hurricane Andrew and Insurance: The Enduring Impact of an Historic Storm. Find and access the services you need to do your job. Explore future meetings and access past event documents. Link to Mitigation and Building Code Workshop slides and recordings. The aircraft is a constructive total loss. In addition, the section below provides state catastrophe rankings, followed by information on the following types of disasters: (1) Hailstones one inch in diameter or larger. Catastrophe codes issued in calendar year 2005: Catastrophe codes issued in calendar year 2004: Catastrophe codes issued in calendar year 2003: View actions considered by committees, task forces, and subgroups, as well as charges, schedules, and staff links. Egyptair B777-200ER registration SU-GBP suffered a cockpit fire on 29 July 2011 while on the ramp just prior to departure from Cairo Airport. Includes hurricanes that occurred through 2021. (2) States with the same number of tornadoes receive the same ranking. The building codes of . %PDF-1.3 % A catastrophe declaration from the Insurance Council of Australia escalates and prioritises the insurance industrys response to support policyholders affected by the natural disaster that triggered the declaration. Recent advancements in a variety of fields have provided more accurate risk assessment as extreme weather events and other perils become increasingly prevalent. Exclusive, industry-focused manuals, data, and more. As of January 2023. A scope of works is a document that sets out what damage to your property is covered by your insurance policy. Each of the modules makes assumptions about the parameters of the model. The catastrophe numbers reserved for identifying ELEs are 11 through 99. 146 passengers and 6 crew perished. While many catastrophe models are focused on extreme weather events, catastrophe models can be used to minimize loss events from other crises and situations, such as warfare, terrorism, insurrection, cyber breaches, etc. (1) Residential structures less than four stories, including mobile homes, duplexes, manufactured homes and cabins. Natural Catastrophe Losses In The United States By Peril, 2022 (1), Natural Catastrophes By Quarter, 2022 (1), Estimated Insured Property Losses, U.S. Natural Catastrophes, 2013-2022 (1), Top 10 Costliest Natural Catastrophes, United States (1), Facts + Statistics: Tornadoes and thunderstorms, Facts + Statistics: Earthquakes and tsunamis, $25 million or more in insured property losses. Home; Utah ZIP Codes; Salt Lake ZIP Codes; Map of West Valley City, Utah ZIP Codes; Map of ZIP Codes in West Valley City, Utah. Aircraft was subsequently destroyed by post impact fire. Envision | Velocity | Life Solutions Customer Forum. Subject to change as loss estimates are further developed. Totals for the United States do not match totals shown elsewhere by the National Interagency Fire Center due to the use of different exhibits. The 157 passengers survived with a number of injuries. The Working Group also maintains theNAICCatastrophe Computer Model Handbook. AIR Worldwide | Catastrophe Modeling and Risk Assessment Sign In Contact AIR Worldwide is now Verisk. A set of 10 categories of services health insurance plans must cover under the Affordable Care Act. The insurance industry plays a vital role in helping individuals and businesses prepare for and recover from the potentially devastating effects of a disaster such as a catastrophic hurricane or storm or wildfire. Two pilots fatally injured, no passengers on board. It may be used to obtain repair quotes. News provides reports that summarize catastrophe losses that They also cover at least 3 primary care visits per year before youve met your deductible. Catastrophe codes issued in calendar year 2012. Representatives from diverse groups who provide varied perspectives on insurance regulatory issues. . a physical damage loss on a factory located in Ukraine), Losses indirectly arising from, or in consequence of, Russias invasion of Ukraine commencing February 2022 (including losses caused by the impact of, Hurricane Nicole in the period 10 November 2022 and 14 November 2022, Storm Elliot in the period 22 December 2022 and 26 December 2022, Atmospheric rivers, California, USA. Depending on the source, these modules names can slightly vary, but the underlying function of the modules remains the same. 38,933. (2) Adjusted for inflation by Aon using the U.S. Consumer Price Index. It could complement traditional catastrophe insurance markets by providing supplemental financial protection to community members in the event of a disaster or be used as full-limit, single-peril property protection in areas with high risk. Catastrophe West Valley City, Utah ZIP Codes - Map and List . However, the resolution of some perils, such as flood, is still evolving. Call for data collection for the February 2021 Texas winter weather event. Utah adopt the the International Residential Code 2021 (IRC 2021), and the International Fire Code 2021 (IFC 2021). Have a question or request? 1. (1) Includes Puerto Rico. That decision allowed those who had suffered catastrophic injuries to resume receiving the sort of care they'd gotten prior to the new fee schedules going into effect in July of 2021 . As of January 2023. Aircraft extensively damaged rendering it a constructive total loss. weather occurrences plus current weather information conditions, 3.57. (4) The U.S. total will not match data used in other charts because it counts tornadoes that cross state lines. At the request of the Lloyd's Market Catastrophe Group 11DX has been established for identifying CBI claims arising from the March 2011 Japanese earthquake. Welcome to Lloyds the worlds insurance marketplace. XCS will enter this Cat Code when requested by leaders to do so. (2) Includes any direct physical damage or direct net loss business interruption costs. Hurricanes since Katrina have highlighted the impact additional factors can have on losses, such as demand surge, evacuation, sociological risks, and political influence. UK. Stop.Call.Confirm is a registered service markof the National Association of Insurance Commissioners. PCS catastrophe serial numbers are an industry standard available to all PCS subscribers. Sources of residual loss include demand surge, labor delays, and inflation in material costs. Plantation Bay Resort and Spa, PBHC's five-star resort property on Mactan suffered massive destruction. . UK storm/flood/freeze/losses in NW England, N. Ireland and Scotland, Fire damage to BHN complex, offshore India, Helios airlines Boeing 737 crash near Athens, Air France Airbus over-ran runway at Toronto International Airport, Heavy rainfall and floods affecting Maharashtra state and the Mumbai area of India, West Caribbean Airways Boeing MD82, HK4374X, crashed en route Panama City, Panama-Fort-de-France, Martiniquwat Machiques, Venezuelawith 152 passenger and 8 operating and supernumerary crew fatalities. Combined ratios for 2022 and 2023 are projected to be 98.9, and 99.3, respectively. Claims arising fromdamage in the UK and mainlandEurope as a result ofwindstorm Kyrill, UK Floods - From 21st June 2007 to 29th June 2007, Tam Lineas Aeras Airbus A320, PR MBK, crash at Congonhas Airport, Sao Paulo on 17 July 2007, One-Two-Go crash involving MD 82 HS-OMG at Phuket Airport on 16 September 2007, Kenya Airways - B737-800, 5Y-KYA, crashed shortly after take-off from Douala Airport, Cameroon in torrential rain killing all 114 people on board, Ground collision involving EADS/Airbus 340-600 MSN 856 Reg No F-WWCJ, Saint Martin Airbus Site France on 15 November 2007 during engine run-ups, Pemex/Perforadora central rig slide resulting in damage and possible oil spill due to heavy weather, Mexico, Atlas Jet/World Focus Airlines total loss of MD83 TC-AKM at Isparta, Turkey, Fire at the Panasonic Group's Matsushita Battery Industrial (MBI) factory in Osaka, Japan, Hyundai Fortune - explosion and fire (Gulf of Aden), Tornado damage Missouriand Illinois, Indiana, Kansas, Oklahomaand Arkansas, Hangar fire at Zaventem Airport, Brussels, Comair Bombardier CRJ-200, N431CA operating Flight 5191, Lexington, Kenticky to Atlanta, Georgia crashed on take-off from Lexington with 49 immediate fatalities to the 47 passengers and 3 crew on board, on 27 August 2006. Infographic: Hurricane Deductibles. All Rights Reserved. We provide tools and resources to help regulators set standards and best practices, provide regulatory support functions, and educate on U.S. state-based insurance regulation. Insurers should identify which documents are privileged or confidential in their responses. Subject to change as loss estimates are further developed. Policy Laws, Unfair Claims Practices Acts; the PCS Claims Digest; HELP 2023 Open Enrollment is over, but you may still be able to enroll in 2023 health insurance through a Special Enrollment Period. Includes Puerto Rico and the U.S. Virgin Islands. TDI is seeking only property insurance information for the 2021 winter weather event. Companies must file their reports under the statistical plan. National Air Cargo Boeing 747-400, N949CA, carrying military cargo of five vehicles and two jet engines crashed after take-off from Bagram, Afghanistan, and, along with seven crew, was consumed by the post-crash fire. ISO Electronic Numerical Listings of Classification Codes, Verisk Announces Sale of 3E Business to New Mountain Capital, is a recognized worldwide authority on property catastrophe losses, is committed to serving the global insurance and reinsurance industry, has more than 60 years experience identifying catastrophes and compiling proprietary catastrophe loss estimates, provides insurers and reinsurers, through license agreements, use of PCS catastrophe information to help with their financial needs. It can help identify and outline what repair or rebuilding work is needed to fix things. It was stated that detailed instructions in evaluating the internal CAT models have been included in the risk-based capital (RBC) instructions; however, it was proposed that more in-depth instructions on the derivative model and the vendor models with adjustments may be necessary. insurance industry's response to catastrophes. Loss of Mitsui OSK Lines containership MOL Comfort in the Indian Ocean en route between Singapore and Saudi Arabia, losses between initial cracking of vessel reported on 17 June 2013, and 10 July 2013 when the second half of the vessel finally sank.