RMS Opens RMS(one) to Third-Party Catastrophe Modelers
Boston, MA -
May 09, 2013 -
RMS today announced it is opening RMS(one)™, the company’s resilient, real-time exposure and risk management environment purpose-built for insurance companies to manage all of their risk models, exposures and analytics on a single, open platform, to third-party catastrophe model providers which will enable insurers and reinsurers to operationalize a much broader range of models than ever before.
With RMS(one), companies will be able to operate RMS, third-party, and their own proprietary catastrophe models for the first time in a single environment, enabling them to build a deeper and more complete view of their risk. The first three partners that will implement models on RMS(one)are ERN, JBA Risk Management, and Risk Frontiers.
ERN provides models for earthquake and other perils throughout Latin America; JBA Risk Management is particularly known for its flood models and Risk Frontiers is an independent research center specializing in Australia and Asia-Pacific natural hazard risks.
"Being a partner on RMS(one) is of enormous benefit to both our clients and those of RMS," said John McAneney, managing director of Risk Frontiers. "Running our models alongside RMS and others in a single platform significantly reduces the complexity of deployment for companies and provides them with a much richer picture of risk."
Aspen Re CEO, James Few, adds, "We welcome RMS opening up RMS(one) to other modeling firms. As an industry, we need to access catastrophe models from multiple providers to develop a more complete and rigorous understanding of risk, resulting in greater depth of insight into our exposures. However, the practical costs and constraints associated with running multiple modeling systems are a major obstacle. Aspen has long recognized the importance of catastrophe risk assessment and the need to evaluate and understand multiple perspectives. As a client of both RMS and Risk Frontiers, and as a user of JBA data, we will realize significant operational benefits from the ability to run these models seamlessly alongside each other. We would welcome more organizations also making their models available on RMS(one)."
The partnerships will provide RMS clients with access to new modeling capabilities – including Mexico hurricane from ERN, Thai flood from JBA Risk Management, and Australia flood and bushfire from Risk Frontiers – as well as offering alternative views of risk where RMS has existing models.
"We're thrilled to welcome ERN, JBA, and Risk Frontiers as our first partners in the RMS(one) ecosystem. Our collaboration directly addresses a critical need of many of our clients as they continue to expand the breadth and sophistication of their catastrophe risk management practices, and we look forward to announcing additional partners in the future," commented Paul VanderMarck, chief products officer at RMS.
ERN is the leading natural risk modelling firm in Latin America, providing software and services to the insurance and reinsurance sectors, as well as to Governments and other institutions responsible for financial protection of buildings and infrastructure. ERN, founded in 1996 and based on Mexico City, has developed models for several perils and several countries in its region of interest. ERN's staff of more than 40 is regarded as the most knowledgeable and professional group of risk-related experts in Latin America.
JBA Risk Management is a leading provider of natural hazard modelling services for the insurance and reinsurance industry. JBA people are experts in their field and have great ideas which they deliver through exceptional technical expertise. JBA Risk Management provides security through knowledge, helping clients to understand and manage risks from natural hazards.
Risk Frontiers is an independent research centre sponsored by the insurance industry to aid better understanding and pricing of natural hazard risks in the Asia-Pacific region. It was founded in 1994 to service the specialized needs of its sponsors in the local insurance and international reinsurance markets. Its aims were to: undertake risk assessment and research into natural hazards; develop databases of natural hazards and their impacts on communities and insured assets, and develop loss models to improve the pricing of natural hazard catastrophe risks. These activities remain the core business of Risk Frontiers today, although it now undertakes studies on a much wider range of risk-related problems and for a client base that extends well beyond the insurance sector. It is the preferred provider of research to the NSW State Emergency Service and works with various government agencies and a number of corporate and utility organizations on risk-related issues. Visit www.riskfrontiers.com
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.