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RMS and Fubon Insurance Collaborate to Develop Understanding of Typhoon Risk in Taiwan
RMS and Fubon Insurance to share information and methodologies to build a robust, high-definition Taiwan typhoon model
NEWARK, Calif. -
February 02, 2015 -
RMS, the world’s leading catastrophe risk
management firm, today announced a technical collaboration with Fubon Insurance Co
Ltd, Taiwan's first privately-run property insurer and the first member of the
Fubon Group, to share access to industry information, as well as deep insight into the local
Taiwanese insurance market. The sharing of information and methodologies between the two companies will
allow RMS to develop a better understanding of typhoon risk in Taiwan.
Typhoon risk in
Taiwan is a very real threat to the region, with an average of five storms a
year with peak gusts in excess of 74 miles per hour, the equivalent of a
category 1 on the Saffir-Simpson scale. High atmospheric moisture content and
precipitation rates due to the warm tropical Pacific Ocean also make flooding a
frequent occurrence, further driving the risk profile.
“We are committed
to working toward a fuller understanding of typhoon risk in Taiwan and are
pleased to work with RMS as a technical partner throughout the Taiwan Typhoon
model development process,” said Victor
Kung, chairman of Fubon Insurance. “Greater understanding allows us to better
mitigate and manage risk.”
The collaboration will include regular technical exchanges between
RMS and Fubon Insurance to share methodologies and information, and help RMS
understand local market conditions such as business, claims and building
practices. This allows RMS to build a more robust model based on the best
expertise and experience available in the market and deliver a
state-of-the-art, well-calibrated high-definition typhoon model to the industry.
Fubon Insurance will receive
early insight into methodologies and the opportunity to continuously
enhance the capability in evaluation and management of typhoon and flooding
risks throughout the
“Through the sharing of information, Fubon
Insurance and RMS ensure the best science and data are incorporated into RMS’s
Taiwan Typhoon model,” said Jessica Turner, director of model product
management, RMS. “The collaboration underscores a commitment from both
companies to develop a greater understanding of risk to manage it effectively.”
RMS is developing a High-Definition Taiwan Typhoon
model, which will include inland and coastal flooding components. This release
will form part of the Asia Typhoon model, which is being built on a basin-wide
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.
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