By Scott Vincent
April 30 - (The Insurer) - Verisk has launched a catastrophe model to quantify political violence risks in the U.S., the company said today.
Launched through its Verisk Maplecroft unit, the model covers the financial impacts of strikes, riots and civil commotion in the U.S.
The model is based on a 500,000 year stochastic catalogue of potential loss-causing unrest scenarios in the U.S., Verisk said.
The SRCC model is available through Verisk’s Extreme Events Solutions’ Touchstone platform.
Verisk said SRCC events had caused more than $10 billion in insured losses globally since 2010, compared to less than $1 billion for terrorism.
Sam Haynes, vice president of data and analytics at Verisk Maplecroft, said:“A 1 in 1,000-year SRCC event could cause losses 10 times greater than those from the 2020 protests, while very low-probability SRCC tail events could potentially impact commercial and municipal properties at the ZIP code level nationwide, the majority of which are located in metropolitan areas.”
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