15 October 2020Insurance

Tokio Marine expands partnership with catastrophe risk modeler RMS

Property/casualty insurance group Tokio Marine Holdings has strengthened its commercial partnership with catastrophe risk modeler RMS, enabling its global entities to leverage data and technology-based insights of risk across all perils and markets.

The two companies have entered into a new agreement that will allow Tokio Marine entities to have access to a range of RMS RiskLink and high-definition models as well as RMS Risk Intelligence products.

The insurer has also licensed and is adopting the current suite of RMS HD models, which includes the Japan Typhoon and Flood HD Model, and the Japan Earthquake and Tsunami HD Model.

Tokio Marine was an early adopter of RMS Risk Modeler and Exposure Manager solutions and is working towards adoption of the latest version, Risk Modeler 2.0, as it deploys new HD models. All RMS RiskLink models, together with HD models, will be deployed on cloud-based Risk Modeler as of September 30, 2020, along with portfolio and account modelling and analytics.

Kenji Okada, group chief risk officer of Tokio Marine, said: “RMS has been an important strategic partner for many years and has consistently demonstrated its commitment to investing in better science and technology for the insurance industry. We look forward to continuing and deepening this partnership over the years to come.”

Karen White, chief executive officer of RMS, added: “Tokio Marine has been a global market leader and valued partner to RMS throughout our longstanding relationship. The global risk market is growing more complex and inter-connected. As we together tackle existing as well as increasing risks such as climate change and extreme weather events, systemic risks, clash risks, cyber, pandemic and infectious disease risks and other perils, meaningful collaboration and partnerships, coupled with leading edge science and technology, are vital. We look forward to continuing our work with Tokio to ensure the deepest insights and views of risks, to optimize business outcomes and greater global resiliency.”

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