After recently launching new High Definition Models™ during August, we are delighted to announce that clients using RMS® Risk Modeler™, powered by RMS Risk Intelligence™, now have access to three additional HD Models™ covering new perils and regions in Europe, New Zealand, and the U.S.:
- Europe Severe Convective Storm HD Models: Comprehensive coverage of all sources of loss including hail, straight-line winds, and tornado risk for 17 countries, comes with large Pan-European event sets, and is fully integrated with our windstorm model. Our product team shares insights in this RMS blog.
- New Zealand Earthquake HD Model: Includes the latest insights from the 2016 Kaikoura Earthquake and the 2010–11 Canterbury Earthquake Sequence and is the first model to include liquefaction, landslide, fire following earthquake, and tsunami. Discover the model’s background in this RMS blog.
- U.S. Flood HD Model: 50,000-year simulation generates over one million flood events to provide a complete characterization of low- and high-severity flood events and adds a great new set of user experiences that simplify modeling workflows. Read more about the model in this RMS blog.
Risk Modeler delivers a familiar and powerful workflow environment for evaluating, comparing, and validating both Detailed Loss Models (DLM) and HD risk models. The recent introduction of Risk Modeler 2.0 offers simplified access to new modeling insight, helping clients understand their risk drivers and pinpoint new growth opportunities.
In this latest, newly released update to Risk Modeler, we have continued to develop and build further to enhance the efficiency of the modeling experience with new functionality and capabilities:
- Model “time-based” catastrophe treaties and apply aggregate terms onto simulated losses coming from both DLM and HD losses.
- Enhanced loss analytics generate location-level results for DLM and HD outputs, to help inform pricing and underwriting decisions.
- New reporting capabilities help provide “sanity checks” with verification that exposure was coded properly and modeled losses were as expected.
- The “Exposure Add-On for Risk Modeler” extends functionality further, with a new module providing key accumulation metrics for a deeper understanding of exposure concentrations, helping complement modeled losses produced by Risk Modeler.
Within our September update, there is a new release of our ExposureIQ™ application. This offers a deeply intuitive user experience for portfolio managers and – again, powered by Risk Intelligence – is integrated directly with RMS Event Response services and RMS HWind to deliver an advantage to clients during this busy Atlantic hurricane season. Being able to quickly complete accumulation analysis before, during, and after an event such as a hurricane, and integrate the latest RMS HWind footprints, means that all teams are informed about the potential impact on a book of business and can make strategic decisions such as deployment of loss adjusters or capital requirements. Read more about ExposureIQ.
Finally, a new version of the RMS Probabilistic Terrorism Model (Version 4.3) has been released to reflect the risk outlook for 2021 based on recent successful and unsuccessful global attacks. For the U.S., the updated model reduces the overall macro attack frequency rate and revises target prioritization. RMS used a data-driven approach and analyzed various disrupted macro-terrorism plots around the world to develop revised dynamics of terrorism risk. To find out more about RMS terrorism models, join us for our upcoming October 12 webinar.
In closing, I wanted to take a moment to thank our customers who provide a great deal of feedback to guide our work. We are thrilled to see such great interest in our new models and tools both in the cloud through Risk Intelligence and on-premise through RiskLink® and specialty solutions. Thank you!
Clients can find more details on our new and exciting updates on RMS Owl.