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NEWARK, Calif. - February 21, 2017  RMS, the world’s leading catastrophe risk management firm, announced today that it has received official approval from the Colombian insurance regulator, Superintendencia Financiera de Colombia (SFC), to offer catastrophe modeling services to national and global insurance companies writing earthquake risk in Colombia. Firms writing earthquake risk in Colombia may only use SFC-approved catastrophe models to determine their probable maximum loss, average annual loss and to manage their capital reserves.

“Colombia has one of the highest seismic hazards in South America, with significant exposure concentrations on active faults, including three of its most populous cities– Bogotá, Medellín, and Cali. And yet, despite the country’s steadily increasing economic growth, insurance penetration is still low,” said Victor Roldán, regional head for Latin America at RMS. “Now, insurers can access the latest scientific understanding of the regional earthquake hazard and modeling capabilities from RMS to improve their risk selection and pricing. This will enable the (re)insurers to develop coverages to help strengthen the country’s resilience to earthquake risk while also improving their portfolios and capital reserves to grow their business.”

The RMS Colombia Earthquake Model is one of eight models in the company’s suite of South America Earthquake Models. The model suite also includes Argentina, Bolivia, Brazil, Chile, Peru, Ecuador, and Venezuela; combined the models provide the most comprehensive coverage for managing earthquake risk in all seismically active countries in South America.

To develop the models, RMS collaborated with leading South American seismology and engineering experts, including Colombia-based Universidad de Los Andes and the Instituto Colombiano de Geología y Minería. Based on a single region-wide catalog of crustal and subduction zone seismic sources and including more than 134,000 stochastic events across South America, the models also capture the influence of local soil conditions on earthquake shaking and incorporate local design and construction practices into assessments of building vulnerability.                          

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About RMS

Risk Management Solutions, Inc. (RMS) helps insurers, financial markets, corporations, and public agencies evaluate and manage global risk from natural and man-made catastrophes, including hurricanes, earthquakes, floods, climate change, cyber, and pandemics.

RMS leads the catastrophe risk industry that we helped to pioneer by marrying data and advanced model science with leading-edge technology. Leaders across multiple industries can address the risks of tomorrow through RMS Risk Intelligence™, our open, real-time exposure and risk management platform, enabling them to tap into RMS HD models, rich data layers, intuitive applications and APIs that simply integrate into existing enterprise systems.

RMS is a trusted solutions partner enabling effective risk management for better business decision making across underwriting, risk selection, mitigation, and portfolio management.

Visit RMS.com to learn more and follow us on LinkedIn and Twitter.

Media Contacts

Matthew Longbottom

PR Lead, EU and APAC
+44 20 7444 7706 prteam@rms.com

Devonne Cusi

PR Lead, Americas
+1 551 226 1604 prteam@rms.com
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