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2008 RMS Client Conference, May 13-16, Scottsdale This year's annual conference will be held in Scottsdale, Arizona at the stunning Fairmont Scottsdale Princess Hotel. Optional activities will begin on Tuesday morning, May 13, with the opening reception following later that evening. The conference will conclude mid-day Friday, May 16. Online registration for the client conference is now closed. Registrations will now be accepted by contacting Jennifer Mueller +44 20 7444 7711 or by email at jennifer.mueller@rms.com.
RMS U.K. Inland Flood Seminar, June 5, London RMS invites you to attend the U.K. Inland Flood seminar, to be held on June 5, 2008. This free half-day seminar will present the latest RMS innovations in flood modeling, including insights into the new U.K. Inland Flood Model, and discuss critical issues around flood risk management.
Matthew Grant Appointed Group Executive of Global Client Development at RMS Mr. Grant joined RMS in 1996 and has held a variety of roles in the client development group, including senior vice president for the RMS international region, and since 2006 has been the company’s chief markets officer.
John Stroughair Joins RMS as Head of RiskMarkets Group As head of the RiskMarkets group, Mr. Stroughair will be responsible for all RMS capital markets activities, including risk analysis of catastrophe bonds for use by rating agencies and investors, the Paradex initiative to provide parametric indices for risk transfer, and an innovative new platform for managing insurance-linked security portfolios.
Hurricane-Hardened Weather Stations to Provide Data for the WindX Parametric Index
In preparation for the 2008 hurricane season, RMS and WeatherFlow, a leading provider of weather data, have installed a network of hurricane-hardened weather stations to measure wind speeds for a new securities index. The stations will provide wind speed data for the WindX parametric index, which supports the transfer and trading of catastrophic hurricane risk in the capital markets.
Raj Manghani Joins RMS as Vice President of Underwriting Solutions Product Management Mr. Manghani will lead efforts at RMS to help insurers use catastrophe modeling to make superior underwriting decisions, which includes driving the development and expansion of the RMS portfolio of underwriting decision-support products, including the RiskBrowser, RiskSearch, and RiskTools applications.
RMS Unveils First Commercial Fire Risk Probability Model to the Market Aimed at primary commercial and specialty insurers and reinsurers, the RMS Account Fire Model provides an explicit link between engineering best practices and the account underwriting process to enhance the way account underwriters quantify and manage exposure to fire risk.
How Do Our Coastal Cities Fare under Rising Flood Risk? In this article with Catastrophe Risk Management, principal scientist Dr. Celine Herweijer and others discuss how rising sea levels will amplify the flood risk in coastal cities. Understanding future coastal flood risk requires a multi-disciplinary approach, combining expertise across climate science, catastrophe modeling, economics, and policy.
RMS Calls for U.K. Government to Improve Inadequate Flood Defense Information The U.K. Environment Agency currently has information about defenses for less than half of the 21,000 kilometers of major river networks in the U.K., seriously hampering attempts to quantify flood risk. RMS has highlighted the urgent need for an accurate database of information on flood defenses, and has also emphasized the need to examine all sources of flood risk.
Canadian Underwriter Considers the Impact of Data Quality on Catastrophe Modeling Improving the quality of data entered into models can have a dramatic effect on the models’ output, says chief markets officer Matthew Grant in this Canadian Underwriter article. Software can be taught how to recognize and address irregularities in a systematic and auditable way, using predefined rules or heuristics that replicate expert intuition.
The Hayward Fault: America's Most Dangerous? A M6.8 or greater earthquake on the Hayward Fault in the San Francisco Bay area is increasingly likely. Such an event would impact more than 5 million people and property and contents valued in excess of $1.5 trillion. If the 1868 Hayward Fault Earthquake were to reoccur today, RMS estimates total economic losses to residential and commercial properties would likely exceed $165 billion.
Dr. Craig Schultz Joins RMS as Vice President of Product Management Dr. Schultz will play a central role in guiding the development of global catastrophe modeling capabilities at RMS to ensure that the models enable robust decision making by clients in the context of the increasingly sophisticated use of models by the insurance industry as well as the inherent uncertainties in quantifying catastrophe risk.
RMS Launches First Parametric Industry Loss Index for Europe Windstorm Paradex Europe Windstorm, the first parametric index for assessing insured industry losses from windstorms in Europe, can be used to structure and monitor catastrophe bonds, industry loss warranties, and derivative contracts. Both issuers and investors benefit from the simplicity and transparency of a parametric index with the intuition of an industry loss index.
RMS and ImageCat Release Research Report on 2007 U.S. Wildfire Season With a potential $2.5 billion in insured losses in California alone, the 2007 U.S. wildfire season ranks as one of the costliest wildland fire seasons in recent history. RMS analyzed ImageCat aerial reconnaissance datasets in conjunction with the detailed, high-resolution RMS Wildfire Hazard Data to validate wildfire threat, susceptibility, and hazard in Southern California.
RMS Estimates Insured Losses of Up to £30 Million for Lincolnshire Earthquake
The M5.2 earthquake that struck the county of Lincolnshire in the U.K. yesterday is likely to cause insured losses of between £15 million and £30 million. “The damage caused is largely a reflection of the vulnerability of buildings, rather than the strength of the earthquake,” commented Dr. Andrew Sorby, model manager for Europe earthquake.
The Review Discusses the Importance of Data Quality in the Reinsurance Industry In The Review Soapbox, chief markets officer Matthew Grant discusses how data quality has become a key driver in pricing risk and increasingly is seen by rating agencies as a proxy for the effectiveness of management controls. Improving data quality has a direct impact on catastrophe model loss output, and can impact reinsurance costs by many millions of dollars.
RMS Performs Analysis for French Windstorm Risk Securitization Issued through Green Valley Ltd., the securities provide €200 million of collateralized cover over three years for Swiss Re on behalf of Groupama S.A. This deal, the largest placement of French windstorm risk of its kind offered in the insurance-linked securities market, illustrates how the RMS parametric solution can be tailored to cover a unique portfolio with significant exposure to windstorm risk.
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