A Message from Matthew Grant, Head of Global Client Development
I wanted to take this opportunity to give you an update on RiskLink 15.0, our HD models and RMS(one).
RiskLink 15.0 will be released in early 2015, and will include updates to the European Windstorm and North Atlantic Hurricane models. We are also making good progress on the industry’s first HD models, which include Japan Typhoon, Europe Flood, New Zealand Earthquake and U.S. Earthquake.
We appreciate that you are keen to hear about the progress of RMS(one).
The leadership at RMS and DMGT, our parent company, remain committed to our modeling agenda and to bringing RMS(one) to market. We continue to see support from our clients as we work on finalizing our plans.
The vision for RMS(one) has not changed and we will deliver on our promise to provide a platform that supports:
- A system of record for exposure data
- All models, current and new generation
- Exposure analytics
- Loss analytics
- An ecosystem of risk management solutions
While RMS(one) will be delivered in 2015, which is later than expected, the revised timing of the release enables us to strengthen the performance and scalability of RMS(one), improve functionality and thoroughly test RMS(one) before it is released.
There is a DMGT investor update on September 18 and that is when we will share the RMS(one) release plan with you.
Today, I can share that we are making excellent progress with the technology that will power RMS(one) to scale. We are incorporating lessons learned from our beta program, and are engaging with experts, including the technology industry’s leading platform and analytical application specialists, to augment the RMS team.
We are simplifying the user experience to make RMS(one) easier to use. We are creating new applications to expose more of the underlying data and analytical engines, which will enable you to craft bespoke solutions for your business needs.
There is a lot of work going on to ensure that we get this right and we look forward to sharing our next update with you on September 18.
Update to RMS Probabilistic Terrorism Model
A software patch release (version 3.1.4) for the RMS Probabilistic Terrorism Model is now available. This update affects event frequencies in the U.K., Ireland, Denmark, Italy, and Canada, and will result in significantly reduced AAL in those countries. Get more details in the Executive Briefing and video update.
Terrorism Risk Insurance Act
To inform the ongoing renewal discussions on the structure of the Terrorism Risk Insurance Act (TRIA), the Wharton Risk Management Center, in conjunction with RMS, has released its report, TRIA After 2014: Examining Risk Sharing Under Current and Alternative Design. Also, Chris Folkman debates dueling agendas on TRIA.
Regulatory and Rate Filing Guidance
RMS has released RiskLink U.S. Regulatory Approval Status and Documentation. This reference document lists U.S. state-level jurisdictions under which regulatory approval requirements are set, and describes the current status of RiskLink model releases under those requirements. It also provides a list of all standardized supplementary documentation RMS has created to assist in the rate-filing process.
RMS Offshore Platform Industry Exposure Database Update
The 2014 RMS Offshore Platform Industry Exposure Database has been updated to reflect the most up-to-date exposure data about mobile rigs. It will continue to be updated monthly throughout the 2014 North Atlantic hurricane season. Clients who license this database can contact their account manager to request access to the data files. Read documentation.
RMS Webcast: Understanding Risk and Exposure in Asia
Rapid growth and poor data resolution can make pricing and understanding total value at risk a challenge in Asia. Sign up for the live webcast on September 3 at 10:00 a.m. BST, 5:00 p.m. SGT to learn how RMS High-Resolution Economic Exposure Databases and Industrial Clusters Catalogs can be used to support your understanding of exposure and risk in Asia.
Earthquake Risk in Canada: Is the Canadian Insurance Industry Adequately Prepared?
New regulatory guidelines for Canadian-insured earthquake exposures will come into effect in 2015. This paper summarizes results from a recent RMS modeling study of earthquake scenarios in British Columbia and Québec. The study also includes probabilistic analysis of insured losses for these two regions. Justin Moresco discusses Strengthening Quake Preparedness in the Canadian Underwriter.
RMS’ New Model for Fault Rupture in New Zealand and Its Implications for Risk
This research explores the application of different de-clustering methods to the New Zealand earthquake catalog to estimate regional seismicity rate changes and the consequent impact on earthquake hazard and risk in the area.
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