RMS unveils updated cat modelling platform
Catastrophe risk management firm RMS has unveiled the latest version of its catastrophe modelling platform.
The version includes updates to both the RMS Europe windstorm clustering model and the company’s terrorism modelling suite. The new RMS marine cargo and specie model and new RMS US flood hazard data are also included in the version 16.0 release.
Brian Owens, senior director, model product management, said: “RMS is bringing a rich pipeline of modelling capability to market this year. Earlier in the year we released our first cyber risk products.
“Now with version 16.0 we have released more new catastrophe modelling capabilities that address long-standing needs for managing marine risk and U.S. flood risk, as well as tackling the uncertainty around Europe windstorm clustering.”
The marine cargo and specie model helps to strengthen marine risk insurers’ decision-making for risk selection, underwriting, and accumulation management associated with onshore cargo risk, according to the catastrophe risk manager.
Chris Folkman, senior director, model product management, said: “Marine cargo is a crucial part of the global economy, but it has always been treated as an afterthought by the catastrophe models, which until now have used a series of rough approximations to estimate its loss potential.
“After a series of large marine cat losses over the past five years, it’s clear the cargo and specie lines need a purpose-built model that captures the diversity of its exposure, the packaging and protection measures taken to protect cargo, and the unique coverages found in cargo contracts.“
