Chaucer licenses RMS to boost capabilities

Chaucer Syndicates has licensed the full suite of catastrophe risk management firm RMS’s Canada and US severe convective storm models to boost its risk management capabilities.

RMS updated its US and Canada severe convective storm models in January 2014 to provide new views of the risk. This was calibrated with the results of an extensive analysis into location-level claims and exposure data, as well as thousands of hail and wind observations and radar images from more than 70 new events that occurred in the past five years.

Nick Barter, group head of catastrophe risk at Chaucer Syndicates, said: “The complexities inherent in severe convective storms require a thorough understanding of the peril to develop a comprehensive view of the risk.

“The granularity of the hazard module included in RMS’ severe convective storm models gives us much deeper insight into the drivers of the risk, both for direct and treaty business.”

Steve Hurcom, head of European sales at RMS, added: “Severe convective storm is a material risk to the industry and companies are increasingly licensing RMS models to gain a view into the full spectrum of possible impacts.

“We've updated our models to incorporate new insights into the spatial nature of hail and tornado events for a more accurate view of the risk. We've also added more than 400 new unique vulnerability curves to view, price and underwrite the risk with more confidence and granularity than ever before."