The National Reinsurance Corporation of the Philippines Selects RMS Earthquake Model
NEWARK, Calif. -
April 21, 2015 -
RMS, the world's leading catastrophe risk management firm, today announced that its RMS® Philippines Earthquake Model has been licensed by the National Reinsurance Corporation of the Philippines (NRCP) as part of the reinsurer's strategy to embed a scientifically rigorous approach to its catastrophe risk management.
“Strengthening NRCP's catastrophe risk management is a strategic imperative for us," said Augusto Hidalgo, President and CEO of NRCP. “By using RMS's scientifically robust earthquake model to deepen our understanding of risk we can allocate capital more efficiently. We hope that other insurance companies in the Philippines will follow our leadership in adopting robust models to manage catastrophe risk and secure both the profitability of insurance in the Philippines and the long-term resilience of our society."
RMS also provided NRCP with analytical services through its team in India to prepare the reinsurer's portfolio for the modeling process.
“RMS's analytical services were invaluable, enabling us to start using the RMS earthquake model very quickly," said Hidalgo.
“RMS is delighted to partner with NRCP, helping them to build greater resiliency into their risk management strategy," said Paul Burgess, director, client development at RMS in Singapore. “Catastrophe models provide cedants and reinsurers, along with their reinsurance brokers, with a common language around risk, enabling the identification and quantification of risk to support better pricing and transfer of that risk."
RMS models and software help financial institutions and public agencies evaluate and manage catastrophe risks throughout the world, promoting resilient societies and a sustainable global economy.