Brian Owens and Bruce Miller
Brian Owens is Vice President for Models and Data Product Marketing at RMS.
Bruce Miller is a Senior Director for Software Product Management at RMS.
With the release of version 18.1 on April 22 from RMS, there is plenty to explore, validate and put into production.
Updated Insights on North Atlantic Hurricane Risk
Starting with the RMS North Atlantic Hurricane (NAHU) Models, version 18.1 (v18.1) includes updates to the long-term and medium-term event rates throughout the Atlantic Basin, historical event reconstructions from recent seasons, and hazard and line-of-business specific vulnerability enhancements informed by new data and RMS building research.
A building stands largely unscathed in Mexico Beach, Florida, after Hurricane Michael in October 2018. Image credit: Johnny Milano
To allow clients to start their validation work as quickly as possible, these rates were released on February 22, ahead of the start of the hurricane season and upcoming renewals. Consistent with previous updates, the model was submitted in compliance with the latest hurricane standards from the Florida Commission on Hurricane Loss Projection Methodology (FCHLPM).
Clients can access information on all updates to NAHU on RMS Owl.
Learning from Recent Asia Pacific Earthquakes
RMS gathered further observational data and claims experience from major recent events in southeast Asia, including the 2006 Yogyakarta, 2009 Padang, and 2013 Bohol earthquakes. Together with client feedback, this new insight was incorporated into an update of the Southeast Asia earthquake models in v18.1. As a result, six countries in Southeast Asia, covering Indonesia, Philippines, Thailand, Malaysia, Singapore and Vietnam, benefit from an updated view of risk.
The RMS Taiwan Earthquake Model has also been updated. This release is designed to bring the view of risk in Taiwan up-to-date by implementing the latest science, RMS methodologies and innovations, providing a solution for a market that has changed much since the model’s prior release. For more information on the Taiwan and Southeast Asia Earthquake models changes, clients can access RMS Owl.
Enhanced Geocoding Accuracy
Enhanced geocoding for U.S. models was another important update in v18.1, ensuring the U.S. model suite reflects the best and latest geocoding accuracy. While impacts on portfolios are generally small, typically less than one percent change in the annual average loss (AAL), for specific locations in a portfolio they can be larger.
In addition, RMS has added high-resolution building data as part of v18.1, to almost double the number of buildings for which this capability is available, focused on major urban areas in California, Florida, and New York. Clients can access RMS Owl for further documentation on the geocoding changes in results.
Why Version 18.1 and not Version 19?
For each release, RMS assesses the changes needed to support models, geocoding as well as software changes including schemas to support new and updated functionality. In v18.1, the software updates were minimal, with no EDM or RDM schema changes.
Therefore, the installation can be done using an incremental process, which is applicable when v18.0 has already been installed and there is no change in license key or change to the hardware. If you are using an earlier version of RiskLink, such as version 17, installing on new hardware, or if there are license key changes, you will need the full install process.
The full installation procedure for v18.1 follows the same steps as installing v18.0 – simply refer to the existing v18.0 installation guides. And as always, your RMS Client Success Managers are available to support you this process.
Learn More at Exceedance
Version 18.1 delivers important modeling insights for three models, and at our Exceedance conference in Miami (May 13-16), there are a number of dedicated track sessions. These cover the technical aspects of each of the models, including validation, changes in loss and getting the models into production, all delivered by RMS experts. Alternatively, come and hear more from the experts one-to-one at the Expert Bar. We look forward to seeing you there.