logo image

NEWARK, Calif. - July 21, 2017  RMS, a global risk modeling and analytics firm, today announced that IRB Brasil RE, the leading reinsurer of the Brazilian market, as well as in the agriculture sector, has licensed the RMS® China Agricultural Model and RMS® India Agricultural Model to increase its footprint within the global reinsurance market.

The RMS China and India agricultural risk models deliver a holistic view of exposures to generate more accurate regional analytics and facilitate risk transfer. The RMS models enable users to gain greater insight into possible loss distributions by extending beyond the observed historical loss record, applying probabilistic risk modeling to simulate future potential loss events.

Laurent Marescot, senior director, model product management at RMS said: “Today’s actuarial techniques to manage agriculture risk are increasingly challenging to use, whether that’s employing non-stationary trends in data and a limited historical loss record or keeping abreast of the changes in agriculture management practices and climate evolution. That today’s models must address a broader range of industry needs is key as we continue to expand our suite of RMS Asia-Pacific and global agricultural risk models to help enhance the risk management chain as a whole, from underwriting to portfolio management.”

In China, RMS can model all insurable products (more than 70 for crops), in addition to forestry and livestock. Companies seeking to participate in China’s agriculture insurance schemes can create a more customized approach as the model includes a comprehensive database with the latest insurance terms and conditions, which vary between province and lines of business. The RMS model for India allows for improved understanding of over 70 main crop types in two seasons and is fully compatible with the new Pradhan Mantri Fasal Bima Yojana (PMFBY) scheme introduced in 2016. The China and India models allow for disaggregation from low-resolution exposure to higher resolution, helping (re)insurers better differentiate specific risk in their portfolios.

Miguel Fonseca de Almeida, head of agriculture at IRB Brasil RE, said: “To better compete with reinsurers in the Asia-Pacific reinsurance market, it is crucial that we employ the most advanced and up-to-date modeling and analytics solutions. The RMS China and India Agricultural Models provide us with the necessary foundation to better understand and manage risk in our international agriculture portfolios and will enable us to maximize our global business profitability.”

For IRB Brasil RE, strengthening its ties to the Asia-Pacific region is a strategic priority as China and India represent the two largest markets worldwide for agriculture insurance. By using the RMS agricultural risk models, IRB Brasil Re intends to gain a competitive edge as it continues to grow its global agriculture portfolios.

Victor Roldán, regional head for Latin America at RMS, said: “The RMS China and India Agricultural Models are the first of their kind and will enable our clients in the Latin America region and around the world to take advantage of the significant growth opportunity presented by this segment. Empowered with the only China and India agricultural models that can offer umbrella and whole accounts in portfolio analyses, our clients will benefit from superior portfolio analytics capabilities to support better risk management practices.”

RMS will continue to develop its risk modeling and analytics tools for the Asia-Pacific region to support growth of its local and global clients looking to expand their portfolios. The RMS China Agricultural Model and the RMS India Agricultural Model are the latest in the suite of RMS emerging risk solutions.

Related Resources
July 07, 2020
Covid-19 Can Be Springboard to Understanding Clash Risk: RMS CEO

June 19, 2020
The COVID Catastrophe

June 19, 2020
A Model Approach

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
cta image

Subscribe to Our Newsletter

close button
Video Title

Thank You

You’ll be contacted by an RMS specialist shortly.

RMS.com uses cookies to improve your experience and analyze site usage. Read Cookie Policy or click I understand.