Reask named catastrophe risk modelling solution of the year by InsuranceERM

We’re excited to share that Reask has been named catastrophe risk modelling solution of the year at the InsuranceERM Asia Pacific Awards 2025.

The award recognises Reask’s probabilistic tropical cyclone catastrophe model for the South Pacific, which covers 13 countries across the region that have long been underserved by traditional catastrophe modelling.

Gaps in catastrophe model coverage have constrained the ability to assess risk comprehensively across the South Pacific

In many parts of the South Pacific, limited modelling coverage has made it difficult for insurers and reinsurers to properly assess cyclone risk. That lack of visibility has real consequences.

Limited catastrophe model coverage has made it hard to consistently price cyclone risk across many South Pacific countries.
This lack of risk visibility has contributed to very low insurance penetration in some markets.
Without consistent models, insurers face challenges with pricing, programme design, and accumulation management.

Reask’s model was introduced to address that gap.

A physically modelled view of cyclone risk designed for data-sparse regions

By taking a physically modelled approach, and incorporating the latest understanding of climate change, the model offers a more consistent and transparent view of risk than approaches that rely heavily on sparse historical data or purely statistical methods.

Climate change is increasing cyclone risk in Pacific Island markets

The South Pacific is one of the regions feeling the impacts of climate change most strongly. Take Tropical Cyclone Lola, for example, which caused an estimated total damage at 43.28 billion Vatu (around USD 350 million) on homes, schools, crops, and infrastructure in 2023.

Figure 1: Cyclone Lola expected wind speeds across Vanuatu modelled by Reask’s Metryc.

This unusually intense early-season storm exposed both rising hazard levels and the region’s limited insurance coverage.

As tropical cyclones intensify and patterns shift, having a realistic view of risk is essential for modelling accuracy and enabling access to insurance and reinsurance where it’s most needed.

Better risk understanding supports better decisions: more reliable pricing, stronger programme structures, and improved portfolio management over time.

How the insurance market is using the model in practice

Reask’s South Pacific tropical cyclone model is now used by insurers, reinsurers, and intermediaries across the region to support day-to-day decision-making, including:

Pricing and underwriting
Programme structuring
Accumulation and exposure management

These are capabilities that haven’t previously been available at this level for much of the region.

Recognition for expanding catastrophe modelling into underserved markets

The InsuranceERM Asia Pacific Awards recognise work that makes a practical difference across insurance and reinsurance. We’re grateful for the recognition and for the clients and partners who continue to apply these models in real-world contexts.

This award reflects a shared effort to extend high-quality catastrophe modelling to parts of the world where it has been missing for too long.