26 July 2023Insurance

Korean Re partners with Moody’s RMS to boost risk analysis in Europe & Asia

Korean Re has partnered with global catastrophe risk modeling and solutions company  Moody’s RMS to enhance its risk analysis capabilities across Europe and Asia.

The reinsurer has entered into a new agreement to license Moody’s RMS Europe Inland Flood HD Models and Europe Severe Convective Storm (SCS) HD Models using the Risk Modeler application, plus the Europe Windstorm Model and earthquake models for Europe, Korea, China, Taiwan, and Israel.

Korean Re is a major player in both Korea and across Asia, boasting 12 global offices including four subsidiaries, four branches, and four liaison offices. It specialises in traditional lines of reinsurance such as property, engineering, marine, casualty, motor, life, and health, as well as offers non-traditional reinsurance solutions.

Chun Baek, the head of catastrophe analytics at Korean Re, said: “It is expected that providing wider insights into risk analysis and decision making against recent changes in natural catastrophe will be available by working with Moody's RMS models.”

Andrew Hare, managing director, Moody’s RMS said: “Korea is an exciting and important country market for us, and we are delighted to be working with Korean Re as they continue to grow and enhance the services and support that they can offer for all their clients. As the nature and interconnectivity of risk have grown increasingly complex, it is important that companies can utilise leading science and technology to better understand and decode their risks and portfolios.”

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