Chaucer Syndicates Limited Licenses RMS U.S. and Canada Severe Convective Storm Models
Addition of RMS models deepens understanding into differentiation of risk between vulnerability classes and regions
NEWARK, Calif -
March 11, 2015 -
RMS, the world’s leading catastrophe risk management firm, today announced that Chaucer Syndicates Limited has licensed the full suite of RMS® Canada and U.S. severe convective storm models to boost its severe storm risk management capabilities.
“The complexities inherent in severe convective storms require a thorough understanding of the peril to develop a comprehensive view of the risk,” said Nick Barter, group head of catastrophe risk at Chaucer Syndicates Limited. “The granularity of the hazard module included in RMS’ severe convective storm models gives us much deeper insight into the drivers of the risk, both for direct and treaty business.”
RMS updated its U.S. and Canada severe convective storm models in January 2014 to provide new views of the risk calibrated with the results of an extensive analysis into location-level claims and exposure data, as well as thousands of hail and wind observations and radar images from more than 70 new events that occurred in the past five years.
“Severe convective storm is a material risk to the industry and companies are increasingly licensing RMS models to gain a view into the full spectrum of possible impacts,” said Steve Hurcom, head of European sales at RMS. “We've updated our models to incorporate new insights into the spatial nature of hail and tornado events for a more accurate view of the risk. We've also added more than 400 new unique vulnerability curves to view, price and underwrite the risk with more confidence and granularity than ever before."
The severe convective storm models use a unique hybrid methodology that combines the strengths of numerical and statistical modeling techniques with historical data and claims calibration to fill in information gaps and manage the biases that are associated with incomplete historical data records. This enables model users to evaluate the potential future losses in regions where they have not yet sustained losses to inform their company’s growth strategies and portfolio planning.
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.