Xceedance unveils exposure analysis services for three US cat perils
Xceedance, the insurance consultancy and technology company, and the Oasis Loss Modelling Framework (Oasis LMF), have launched on-demand exposure analysis services for three US catastrophe perils.
In partnership with CoreLogic, Fathom, and Applied Research Associates (ARA), the Xceedance-Oasis LMF On-Demand Catastrophe Modelling Services offers loss metrics for US earthquake, flood, and hurricane perils to insurers.
The Xceedance-Oasis services deliver loss analysis to re/insurers, brokers, and MGAs. There is no annual model licensing, requirement to use proprietary platforms and peril models can be selected from a community of model providers.
“Re/insurers and brokers can access loss results from three highly regarded catastrophe modelling providers for the key drivers of risk and loss in the United States,” said Manish Khetan, COO of North America operations at Xceedance.
“The services are designed so insurance organisations don’t need to spend time and resources on modelling or invest in infrastructure. Now, re/insurers can get an alternate view of primary U.S. catastrophe perils, in addition to their existing models. Or, they can get a first view of those perils if they don’t have in-house modelling platforms.”
The CoreLogic US Earthquake model accounts for historic, nationwide earthquake hazard and risk information for insights into location or portfolio risk. It uses 2014 USGS and Third Uniform California Earthquake Rupture Forecast (UCERF3) hazard data to model damage due to liquefaction and earthquake-induced landslide, including modelling of deep sedimentary basins in California and Washington.
The Fathom US Flood model is the first-ever to provide climate change scenarios for 2020 and 2050, including data based on research at the Massachusetts Institute of Technology (MIT) to predict changing hurricane behavior. It covers every US watercourse and the entire US coastline, quantifying coastal flood risk due to storm surges and high tides and is validated against government flood data and models.
The ARA HurLoss US Hurricane model has been widely published and peer reviewed and has been the basis for structural design in hurricane-prone states since 1998. In 2015 it was selected by the Lloyd’s Market Association to be the first major region-peril model implemented on Oasis LMF.
