A Commitment to Model Development and Open Models
During Exceedance, we demonstrated how RMS(one) is a truly open risk management platform. At the event, clients were the first in the industry to analyze the same exposure data sets with models from multiple providers on the same platform. However, we are by no means ceding off the model development of models to our model partners. Our motivation is to deploy science and engineering for real-world application to address the industry’s challenges. Claire Souch on the RMS model roadmap>>
Exceedance Videos and Highlights
Exceedance 2014 was the largest ever gathering in the history of RMS. Explore highlights from the event and see photos and videos of keynote presentations.
#StumpStumpo Continues – What Are Your Most Complicated Contracts?
We built the RMS(one) Contract Definition Language (CDL) to describe the universe of insurance and reinsurance contracts. CDL can now describe roughly 95% of contracts, without workarounds, and we're rapidly closing in on 100%.
Don't believe us? At Exceedance, we challenged you to stump Cody Stumpo, our structure language and CDL product manager, with your most "creative" contracts. Could CDL capture them accurately? Initial results are now available, but for now, Cody remains un-stumped.
The challenge is still open. Use #StumpStumpo on Twitter or email Cody.Stumpo@rms.com to join in.
West Pacific Typhoon Season
Last month, Typhoon Tapah reminded us that we are getting closer to the more active period of the West Pacific typhoon season (May - November). And already this year we have seen six named storms (compared to an average of two in this timeframe from 1945 - 2013). RMS will continue to closely monitor this activity.
Evolution and Challenges in Flood Modeling
Modeling a high-gradient peril like riverine flood requires a thorough understanding of flood-generating processes. In Horizons, RMS' Model Development Quarterly Research Review, Arno Hilberts and Christos Mitas discuss initiatives to model flood risk more accurately. More on this and other R&D highlights>>
Submission of RiskLink Models to the South Carolina Department of Insurance
The South Carolina DOI approved Risk Link 11.0 SP3a for use in property insurance rate filings in South Carolina, and also permits the use of other versions of RiskLink, provided that additional information is supplied. We will soon release guidance for clients who would like to use RiskLink 13.0 or 13.1 for rate filing purposes in South Carolina.
Managing Risk from Regulatory Requirements
A study last year by the Centre for the Study of Financial Innovation, in collaboration with PricewaterhouseCoopers, identified regulation as the number one risk. Usha Badrinath explores further>>
Non-Modeled Risks: A Guide to More Complete Cat Risk Assessment
RMS experts contributed significantly to a new Association of British Insurers (ABI) guide to managing non-modeled risk. Non-modeled risks: A guide to more complete catastrophe risk assessment for (re)insurers, was released on April 28, and provides important guidance for (re)insurers on how to manage non-modeled risk and the technology that can help to identify and manage those risks.
RMS in the News
Big Data Will Transform Insurance
RMS senior manager Mark Heslop talks about how analyzing data in real-time and leveraging big data analytics as part of a resilient risk management strategy is a must-have.
RMS CEO Hemant Shah recently spoke with TIME Magazine about modeling the effects of climate change and how RMS research is supporting the Risky Business initiative. More from Hemant>>