New RMS RiskAssessor Solution Licensed by AeroEdge
NEWARK, Calif. -
April 13, 2016 -
RMS announced today that AeroEdge USA, a Florida based Managing General Agency promoting risk management by coupling cost effective hurricane mitigation with voluntary hurricane mitigation credits, has licensed a customized version of the RMS RiskAssessor™ solution to help demonstrate the vulnerability and insurance benefits of installing AeroEdge’s pioneering and proprietary hurricane-wind mitigation technology to buildings.
Michael Young, senior director, product management at RMS said: “RMS RiskAssessor is designed for companies conducting loss control inspections, particularly those in unique or niche markets. The bespoke version of RiskAssessor that we’ve developed for AeroEdge has customized vulnerability curves that reflect the benefits of the AeroEdge technology on building performance. These custom curves can be directly imported and used in both deterministic and probabilistic catastrophe loss modeling.”
RMS RiskAssessor is a recently launched solution for recording detailed site-specific building characteristics to provide deeper insights to property vulnerability. Working in tandem with the RMS North Atlantic Hurricane Model it utilizes RMS Virtual Wind Tunnel Technology and 56 unique, site-specific, modeling variables enabling users to create and share custom vulnerability curves in real-time. The solution can be used by risk engineers and underwriters to create site-specific custom vulnerability curves for individual buildings, or to collect vulnerability data on behalf of corporate clients, brokers or insurers. The detailed data provides (re)insurers with a more accurate view of the risk enabling underwriters to write more business with the same capital.
David Keeton, President at AeroEdge USA said: “AeroEdge’s game-changing mitigation technology can reduce roof uplift forces by as much as 50% across all wind speeds. Because roofs are the most susceptible building component, this can materially reduce estimated wind losses. With RMS’ RiskAssessor, we can now easily transform these significant load reductions into economic loss projections by creating customized vulnerability curves with unprecedented, risk-specific detail. The ability to seamlessly integrate our proprietary view of risk into the workflow of RMS’ loss modeling framework further enhances our ‘value-add’ to all stakeholders from insureds to reinsurers.”