Risk Modeler 2.0
Launched in July, Risk Modeler 2.0 is the leading next-generation Risk Management solution. It’s what cloud-native really means: economies of scale, elasticity, ease of deployments, and security.
Risk Data Open Standard
RMS introduced the Risk Data Open Standard (RDOS), a modern data schema for the risk modeling community, for open-source development.
New Solutions for New Needs
When the 2018 Camp and Woolsey Fires unleashed unprecedented destruction in California, the impact of climate change was clear. The RMS® US Wildfire HD model released in 2019 integrated this intelligence for more actionable insights.
Hurricane, Flood, and Fire
For Hurricane Harvey (category 4 storm – Houston) and Hurricane Maria (cat-5 – Puerto Rico), the RMS Event Response Team provided detailed flood estimate maps using our US Flood model. This same year, Napa and Sonoma wildfires led to record losses… until being surpassed in 2018.
First Cyber Risk Model
With cyber risk being named a new top-five catastrophe risk, the company released its first cyber risk model.
Growing Model Importance
Following the Tohuku Earthquake Tsunami (Japan) and increased focus on natural catastrophe risk, RMS released its RiskLink Version 11 North Atlantic Hurricane model, a major update incorporating 20 years of events and $18 billion in claims data.
Climate Change Focus
RMS CRO Robert Muir-Wood was contributing author of the IPCC Fourth Assessment Report. IPCC and Al Gore won the Nobel Peace Prize, drawing international attention to climate change. RMS expanded its focus on climate change and its effect on the frequency/severity of modeled events.
Cat Modeling Certification
RMS created the first training program and certification specific to cat modeling, the Certified Catastrophe Risk Analyst (CCRA®). The designation has gained insurance industry recognition as a symbol of excellence in the field of catastrophe modeling.
First Terrorism Model
In response to the events of 9/11, RMS released its first terrorism model. The company also provided risk analysis for the first-ever terrorism catastrophe bond issued by FIFA to cover the risk of a 2006 World Cup cancellation.
The September 11, 2001, attacks on the World Trade Center and the Pentagon, combined with growing threats to other targets, fundamentally changed our world and brought the risks of terrorism to the forefront. Scientists at RMS got straight to work.
IRAS > RiskLink
With the initial release of RiskLink® DLM (Detailed Loss Module), the company shifted to a new platform for its modeling and retired the original IRAS software. Modeling was now a standard practice for the insurance industry.
A New Owner
Risk Management Solutions (RMS) was acquired by Daily Mail and General Trust (DMGT), a British media company. By this time, RMS models covered 40 territories. The company also released RiskLink® ALM (Aggregate Loss Module), our first modeling software.
New Company Name
Risk Management Software, Inc. becomes Risk Management Solutions, Inc. to better reflect its expansion into risk modeling solutions and services.
IRAS Version 3.2 expanded coverage with six earthquake models (AUS, CHL, GU, JAM, JPN, NZL), three typhoon models (AUS, GU, JPN), two severe convective storm models (USA, CAN), and a fire-following earthquake model (USA).
Hurricane Andrew, a Category 5 storm that struck the Bahamas, Florida, and Louisiana, was the most destructive and costliest hurricane at the time. It caused the bankruptcy of 24 insurers and made catastrophe modeling a business-critical investment.
RMS Earthquake Model
With the Loma Prieta Earthquake occurring the same year that RMS was founded, demand for earthquake insurance was growing. The company’s first model – IRAS 1.0 for California Earthquake – was in high demand.
The Insurance and Investment Risk Assessment System (IRAS) was developed at Stanford by Hemant Shah and Weimin Dong in 1988 as a research project funded by insurers. In 1989, the project was spun off to form Risk Management Software, Inc.
Chief Executive Officer
Chief Financial Officer
Executive Vice President of Product
Executive Vice President, Software and Platform
Chief Marketing Officer
Robert Muir-Wood, PhD
Chief Research Officer
Mohsen Rahnama, PhD
Chief Risk Modeling Officer and Executive Vice President, Models and Data
Global Head of Business Development
Work With the Catastrophe Risk Management Leader