DEVK uses RMS models to build its own catastrophe modeling function
Newark, Calif. -
October 22, 2013 -
RMS, the world’s leading catastrophe modeling firm, today announced that its suite of European catastrophe models has been licensed by DEVK Versicherungen, a leading German insurance primary and pan European reinsurer. DEVK has selected the RMS catastrophe models for its new in-house catastrophe risk management capability.
RMS' sophisticated catastrophe model suite equips us with the best tools to monitor and quantify our accumulations and set our own risk appetite" said Wolfgang Jöbkes, director and head of reinsurance at DEVK. "By taking catastrophe risk modeling in-house we are empowered to build our own view of risk and steer a controlled path toward continued profitable growth. RMS' continued
innovation in catastrophe risk modeling is pivotal as we build a future-proof catastrophe risk function."
"We are delighted to partner with DEVK to help them build greater resiliency into their risk management strategy," commented Jörg Müller managing director Europe at RMS. "We are seeing increased market interest in our catastrophe modeling tools from European primaries that are seeking to develop their own views of risk."
RMS models risk in nearly 100 countries, enabling insurers and reinsurers globally to analyze the probability of loss from catastrophic events. The company's catastrophe models feature a comprehensive catalog of simulated storms to provide a complete and scientifically rigorous view of perils such as flood and windstorm risk affecting Europe mainland. The RMS models are built using detailed data reflecting localized variations in hazard, and databases capturing property and human exposures. They are continually updated with the latest scientific research and data.
Approximately 4 million customers, with 13.5 million insurance policies, place their trust in DEVK Versicherungen. Throughout Germany, some 1,250 branches ensure that the distance to DEVK is as short as possible for all existing and potential clients. Around 2,300 full-time and 3,200 part-time agents are on hand to deal with the requests, concerns and needs of members and clients. For decades DEVK has also been working closely with the Sparda-Banken. Measured by volume of policies sold, DEVK is Germany´s fourth-largest household contents insurer, fifth-largest private motor insurer and seventh-largest private liability insurer.
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.