Aon Benfield launches enhanced cat model platform
Aon Benfield, through a subsidiary Impact Forecasting, has launched an enhanced loss calculation platform, ELEMENTS 7, which enables insurers to more easily customise catastrophe models.
The new platform allows insurers to incorporate their own views on the risk of property damage through customised vulnerability curves, based on their actual loss experience or current portfolio.
Impact Forecasting said this produces estimates of potential financial losses that help to better inform and influence reinsurance buying strategies.
“Catastrophe modelling platforms of the 21st century are rapidly evolving,” said Steve Jakubowski, President of Impact Forecasting.
“In particular, the open-box feature of ELEMENTS 7 is fundamental for insurers to both fully understand the modelling process and modify the parts they wish to make more relevant to their own needs.
In today’s climate there is a hunger for transparent, customisable and flexible solutions, and ELEMENTS caters to each of these requirements with 12 years’ proven experience.”