Tag Archives: HD Modeling

Doing Business With a Better High Definition Flood Model: From Flood Re to Harvey

When we set out to design the latest generation RMS High Definition (HD) flood loss models we identified five key challenges:

a) Resolution: Neighboring properties separated by a few feet in elevation can have dramatically different flood risk costs. However, the finer the model resolution, the bigger the hazard and loss files — and the slower the modeling. We needed an objective way of determining the best trade-offs around model resolution.

b) Duration: Once groundwater levels are raised, more precipitation can set off another round of flooding. The climatology can persist, bringing;

  • a succession of storms on the same path, or
  • a fixed long lasting atmospheric river, or
  • a procession of rain bands from a stalled circulation parked at the coast as from Hurricane Harvey.

Flooding episodes can endure for days and weeks, but reinsurers want a predetermined definition of event duration. The model needed to provide the flexibility to explore how event duration affects results.

Continue reading

Exceedance 2015: Welcome to Miami!

We have arrived in the City Under the Sun – Miami, FL – for Exceedance 2015, where the oceanfront views are providing the perfect backdrop for a week of engaging sessions, invigorating discussion, and plenty of networking opportunities.

For those of you joining us here at the legendary Fontainebleau Hotel, meet us poolside tonight at 5:30 p.m. to kick things off at the welcome reception. For those of you who couldn’t make it this year, make sure to follow RMS on Twitter, LinkedIn and here on the blog for #Exceedance news, insights, and photos.

With more than 60 sessions across eight different tracks, there is no shortage of thought-provoking content and discussions to be had. Download the mobile app to help you manage your schedule and maximize your week.

Here are a few highlights as you plan out your week:

Keynote Speakers: The keynote sessions are definitely not to be missed. This year, our lineup of keynote speakers includes:

  • Hemant Shah, RMS co-founder and CEO
  • Dr. Robert Muir-Wood, RMS chief research officer
  • Laurence Golborne, former Chilean minister of mines and energy
  • Richard Knabb, director of the National Hurricane Center
  • Dr. Patricia Grossi, senior director of model product management, RMS
  • Ben Brookes, vice president of capital markets, RMS
  • Paul Wilson, vice president of model development, RMS
  • Daniel Stander, managing director, RMS

Interconnected Risks: Cyber, contingent business interruption, and pandemic risk have all made headlines in the past year. Check out interconnected risk sessions where we’ll share the latest research into the unique challenges of interconnected risks and discuss lessons learned from the events such as the Ebola pandemic, Superstorm Sandy, and cyber attacks.

High-Definition Modeling: Make sure to attend our HD modeling sessions, held throughout the week, to learn about the methodology behind our HD models and how greater precision with a simulation-based approach will give insurers greater insight into and management of their risk.

Risk Management and the Allure of Latin America: For the first time, we are hosting an entire track focused on Latin America. The rapid expansion of insurance in Latin America and the Caribbean is creating opportunities for both insurers and reinsurers. We’re looking forward to diving deeper into how risk modeling tools can unlock opportunities in the region.

The Lab: The Lab is the perfect place to swing by between sessions to meet RMS experts and learn about everything from version 15 models and software to RMS Hosting Plus to capital market solutions. And stop by the Mini Theater for a great lineup of speakers on everything from analytical services to philanthropic partnerships.

 “EP” – The Exceedance Party: As always, we’re celebrating a full week of activities with the “EP” on Wednesday night. This year we’ll be at the LIV Nightclub, where you can be sure to find good food, drinks, and lively conversation along with two-time Grammy-nominated Latin band, Palo!

We’re glad to have you and are looking forward to a great week ahead!