RMS Releases Economic Exposure Datasets for Five Countries in Asia Pacific
Data will help businesses plan better for natural disasters
NEWARK, Calif. -
March 17, 2015 -
RMS, the world's leading catastrophe risk management firm, today announced the release of Economic Exposure Datasets (EEDs), which include Economic Exposure Databases and Industrial Clusters Catalogs (ICCs), for Hong Kong, Indonesia and Malaysia, as well as High-Resolution EEDs for Japan and New Zealand.
In Asia, many industrial sites are located on floodplains or near the coast, creating major concentrations of risk. The EEDs for Hong Kong, Indonesia and Malaysia help insurers and reinsurers to better understand and plan for risks, particularly from natural disasters.
In addition, robust risk assessment tools and detailed exposure data are essential in Japan and New Zealand, which have recently faced significant natural disasters. Japan has been hit with some of the worst natural disasters in recent memory, including the 2011 Tohoku Earthquake and Tsunami.
“While exposure data is considered relatively detailed in Japan and New Zealand, that detail cannot always be passed along the risk transfer chain," said Pooya Sarabandi, senior director of modeling at RMS. “Aggregate data is often used as a substitute, which can lead to inaccuracies in risk assessment. With High-Resolution EEDs, companies will be able to use the new RMS data to reveal where they are under or overexposed, identify growth opportunities and strengthen underwriting."
In New Zealand, building exposure has significantly changed in Christchurch following the Canterbury Earthquake Sequence in 2010 and 2011. More than 8,000 commercial and residential buildings were either destroyed during the event or demolished in the reconstruction efforts. The new datasets detail post-earthquake exposure in the region.
The new suite of high-resolution exposure data provides nationwide coverage of building replacement values at the Chome and city/ward levels in Japan, and by census meshblock and postal code in New Zealand. These high-quality, reliable EEDs, developed from up-to-date building-replacement values by line of business, enable insurers and reinsurers to develop a more comprehensive view of exposure. Companies can also locate concentrations of exposure and characterize the risk profiles of exposure hotspots to develop more robust risk management strategies.
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.