RMS(one) adds five new models
Catastrophe risk management firm RMS has added five catastrophe modelling companies to its ecosystem RMS(one).
The partnerships with Catalytics, CatRisk Solutions, COMBUS, OYO Group and QuakeRisk brings the total number of models that will be available on the platform to nearly 300.
RMS(One), which allows access through a single platform to an extensive catalogue of probabilistic models in the industry, enables companies to “build a robust view of risk while achieving substantial operational efficiencies in areas including underwriting and portfolio management” said the company.
The new ecosystem partners join four existing third-party modellers: US hurricane modeller Applied Research Associates, flood modeller JBA Risk Management, Latin American specialist ERN and Australia and Asia Pacific specialist Risk Frontiers.
Collectively, the nine ecosystem partners are implementing 104 probabilistic catastrophe models on RMS(one) which will be available to users alongside the RMS global model suite.
The first ERN and Risk Frontiers models are already implemented and available on RMS(one).
Mario Ordaz, president of ERN, said: “RMS(one) is the only platform I know of that has clearly been architected to be both open as well as flexible enough to accommodate the unique aspects of any catastrophe model. We have successfully implemented our Mexico earthquake model, which uses unique modelling approaches to simulate complex ground-motion behaviour in the Mexico City area. The implementation process was very easy and we were able to maintain the full integrity of the model while at the same time taking advantage of the RMS financial model and high performance computing infrastructure.”
John McAneney, Risk Frontiers’ managing director, said: “Our Australia cyclone model is now running on RMS(one) and we expect to have the remainder of our Australia model suite completed soon. The implementation of our models on RMS(one) was very straightforward. RMS has invested in specialized developer tools such as its Model Development Kit (MDK), which greatly facilitate the model implementation process for partners.”
Paul VanderMarck, RMS chief products officer, added: “RMS has pioneered and is building an enduring ecosystem of risk-management capabilities. With the successful implementation of the first partner models, our clients can now, for the first time in the history of this industry, run models from multiple providers on the same platform. We are pleased to welcome our newest partners who will extend even further the range of catastrophe models available to our clients, while at the same time providing them with opportunities to grow their specialist-modelling businesses in ways that weren’t possible before.”