RMS Adds Five Model Partners to Provide the Global Insurance Market with the Most Extensive Catastrophe-Modeling Coverage
The five partners join ARA, ERN, JBA Risk Management, and Risk Frontiers on RMS(one) to provide the most extensive modeling coverage of any platform. According to Mario Ordaz, president of ERN, “RMS(one) is the only platform I know of that has clearly been architected to be both open as well as flexible enough to accommodate the unique aspects of any catastrophe model." Read more>>
RMS welcomes Exceedance attendees to Washington. Check out everything that's happening this week and don't forget to share #Exceedance. See what's happening>>
ProSight on RMS(one)
Rob Saxon, Exposure Manager, ProSight Specialty Underwriters Limited, explains how RMS(one) will open up the market and redefine the way information and knowledge is shared.
New “RMS Owl” Client Portal
We are pleased to introduce RMS Owl, which replaces our existing Client Resources. Take a brief virtual tour.
In Owl, you can:
- Access information through intuitive search
- Get direct support from the Knowledge Center
- Browse the library of documents sorted by product and peril
- Access the completely redesigned catastrophe Event Response
All clients will receive an email with new RMS Owl login credentials. The new portal was developed with feedback from over 200 clients representing more than 40 companies. Thanks to all for your efforts. We’d love to hear from you so send your feedback to firstname.lastname@example.org.
South Korea Flood Hazard and Exposure Data Sets
Each year, from June to September, South Korea is frequently affected by flooding following heavy rainfall from the East Asian Monsoon, often exacerbated by typhoon landfalls.
Using the RMS flood scenario events, RMS clients will soon be able to monitor and manage exposures at risk to flooding in South Korea. Underwriters can utilize the RMS probabilistic return period flood maps to pre-screen locations and set underwriting guidelines. Portfolio managers can monitor how much total net exposure they have within different hazard zones, and set their own limits. The new flood maps capture both riverine and surface water flooding from all sources of rainfall at a 30-meter resolution.
The new RMS industrial cluster data set, used alongside the new RMS economic exposure database, will enable clients with aggregate exposures to better understand where their exposures are located within the 600 industrial clusters in South Korea, as well as to determine the building values in each dong (municipality). Clients can use these data sets in conjunction with the probabilistic flood maps to further understand the risk to their exposures.
RiskLink 13.1 Certified by Florida Commission and Louisiana Department of Insurance
On March 27, the Florida Commission on Hurricane Loss Projection Methodology (FCHLPM) certified the RMS North Atlantic Hurricane Model in RiskLink 13.1 (Build 1526) as functionally equivalent to the North Atlantic Hurricane Model in RiskLink 13.0 (Build 1515). RMS also submitted RiskLink 13.1 to the Louisiana Department of Insurance on April 3. Clients are now able to use either RiskLink 13.1 or 13.0 for rate filings in both states.
Severe Storm Risk: Why We Need a Modeled Approach
In this edition of Insider Quarterly, Jeff Waters and Brian Owens discuss how the changing landscape of severe storm risk in North America exposes gaps in the current experience-based rating approaches, and why severe storm catastrophe models provide the key to addressing these gaps.
Webinar: A New Way to Manage Severe Storm Risk in North America
Discover the added value of the recently updated U.S. and Canada Severe Convective Storm Models, and how they inform a better understanding of the current and future risk landscape.
RiskLink 13.1 China Typhoon Model
Following the release of the China Typhoon Model in RiskLink13.1 in January 2014, initial feedback from the market is that the new view of risk provides a realistic assessment of loss from both storm surge and rainfall driven flood as well as wind, providing the only comprehensive view of risk from all three drivers of loss from typhoons.