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Miami, FL - May 14, 2019  Today at Exceedance 2019, RMS, the leading global risk modeling and analytics firm, announced the introduction of the Risk Data Open Standard (Risk Data OS), a new open data standard. This data structure will be given to the (re)insurance industry by RMS and will not require a license, fees, or permissions for usage. To deliver this open standard, RMS has tapped global (re)insurance leaders to join the Risk Data OS steering committee. The committee will guide the growth and development of the Risk Data OS schema. As a single, auditable data standard that supports a wide range of analytics, it can drive significant efficiency gains and cost reductions across the industry. The Risk Data OS opens up new opportunities as (re)insurers build product across a diverse set of risks. This supports interoperability, which doesn’t exist today.

The (re)insurance industry is challenged by an evolving risk landscape, dominated by complex perils such as wildfire, flood and cyber, while at the same time driving for maximum cost/benefit from investments in risk analytics. RMS is developing an efficient technical framework that supports new modeling approaches for the risks of today and the future. The Risk Data OS provides a flexible, transparent, and efficient framework that can support state-of-the-art modeling for traditional property catastrophes as well as any line of business.

“The RMS data formats (RDM and EDM) are the de-facto standards for cat risk data exchange and play a critical role throughout the insurance value chain,” said Karen White, Chief Executive Officer at RMS. “The industry and RMS needs a new modern data structure to support high quality models for new classes of risk and to solve our clients' long-standing challenges around financial modeling and interoperability. Today we introduced the Risk Data OS, enabling a completely open, interoperable and flexible data standard. To leverage this data standard no license, no fees, no permissions for usage are required. We are sharing this open data standard with the risk industry so that anyone can adopt it. Our experience tells us that this open and extensible approach is a critical value driver for the market.”

Open Standards to Enable Risk Quantification For Everyone

The Risk Data OS was designed by RMS as a comprehensive framework that provides a generic end-to-end structure for all types of risk and analytics. Building on top of the existing RMS Exposure Data Module (EDM) and Results Data Module (RDM), the Risk Data OS supports new industry models and software requirements. It empowers the user by providing a clearer picture of their complete risk. The Risk Data OS is in production today on RMS Risk Intelligence™, the open RMS platform.

Ryan Ogaard, Senior Vice President at RMS said, “The Risk Data OS supports new classes of models while maintaining the ability to use existing data structures such as the EDM and RDM. It will significantly improve efficiency and interoperability throughout the industry as it takes the guesswork out of information exchange. It is suitable for a wide range of models and is extensible to new classes of risk – by RMS or anyone else. By contributing the Risk Data OS to the industry as an Open Standard, we hope (re)insurers, brokers, modelers and others, will harness the Risk Data OS to create new opportunities and solve the puzzle of model interoperability.”

The Risk Data OS Steering Committee will review and drive the advancement of this open framework to ensure it continues to support the evolving needs of everyone in the industry. The Risk Data OS will be publicly available in January 2020 following the initial work of the steering committee members to enable any user to access the schema code, documentation, and tooling that translates between formats. Anyone can contribute extensions and modifications to the original standard.

White concluded: “The complexity of today’s risks has increased exponentially, made clear by the losses seen in floods, hurricanes and wildfires over the past two years. We understand that the success of our clients requires a fresh way of thinking and a more flexible and transparent approach for new lines of business and market opportunities beyond what was previously possible. By introducing the Risk Data OS, we’re ushering in a new era of accessibility and collaboration on risk.”

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RMS Builds on Its Risk Modeler Cloud-Based Application

Newark, Calif. – May 7, 2021 – At its annual Exceedance conference this week, RMS, the world’s leading catastrophe risk solutions company, demonstrated the benefits (re)insurance customers are experiencing by moving to RMS Risk Modeler™, the cloud-based risk modeling application running on the RMS open cloud platform, Risk Intelligence™. Risk Modeler, a next-generation cloud-based modeling application, is designed to meet the complex needs of risk analysts and cat modelers at scale. Risk Modeler enables real-time risk analytics and unified, high-performance execution of RiskLink models and High-Definition (HD) simulation models. Designed with a deep understanding of customer requirements and leveraging the latest technological innovations, Risk Modeler easily integrates with other on-premise applications as well as other cloud applications through open APIs and export services, giving customers greater flexibility and choice. This week at Exceedance, the industry has heard from RMS customers about the advantages they are gaining by adopting Risk Modeler to help manage their risk portfolios.   Gallagher Re, Price Forbes & Partners Ltd, and Unipol spoke during the conference keynotes about their experiences with Risk Modeler to date. Howden Group also shared their insights on the benefits of Risk Modeler.  Neil Bramley, analytics executive, Gallagher Re, “Gallagher was keen to take advantage of the SaaS Solution, pushing the technology harder and faster, leveraging the benefits and scale of secure cloud computing to ultimately create tangible advantage and upsides for our clients. Risk Modeler helped us grow our analytical capability tremendously and our usage stats are through the roof compared to last year, with the added benefit of zero downtime whenever our divisions are looking to access new functionality and solutions.” Gian Luca De Marchi, group chief risk officer, Unipol Gruppo S.p.A., “Risk modeling through the Risk Modeler application allows us to run portfolio analyses and to support risk management assessments for risk profiling, risk monitoring, capital allocation, and optimal risk transfer. Now, the RMS models could help us in moving to an internal model, reducing the gap between economic capital and regulatory capital, and provide robust support in meeting regulatory requirements in particular in relation to stress tests.” David Flandro, managing director, Head of HX Analytics, Howden Group, “Risk Modeler together with RMS’s trusted science is an important part of our analytics ecosystem that helps Howden provide a differentiated service to our clients and partners. The SaaS delivery and API-based development framework is well positioned to help service our digital-first vision with distinction.”  Alexander Hanks, executive director, head of actuarial & analytics, Price Forbes & Partners Ltd, “We worked with RMS as early adopters, making full use of Risk Modeler’s API first development approach to fully integrate modeling with our own cloud tools, switching off RiskLink and RiskBrowser in the process. Gone are the days of manually working with spreadsheets, copying and pasting and relying on manually re-running modeling of jobs.  The automation work has taken manual time-consuming tasks away and we're able to spend much more time on interpreting modeling results and providing deeper insights to our clients.” Speaking at the conference, RMS CEO, Karen White, said, “When RMS launched Risk Modeler 2.0 in 2020, more customers started on their cloud migration with us. We are seeing more momentum in the industry for digital first strategies. Today, insurers, reinsurers, and brokers from every major global geographic region are on the RMS platform. Leveraging leading models, technology, and the cloud to gain greater risk insights helps them to avoid surprises, confidently deploy more capital, and potentially develop new products and new business models.”

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May 06, 2021
RMS Unveils Significant New Event Response Innovations in ExposureIQ

Newark, Calif. – May 6, 2021 – RMS, the world’s leading catastrophe risk modeling and solutions company, announced new innovations to ExposureIQ™ on the Risk Intelligence platform, including real-time catastrophe event visualizations and more powerful reporting. RMS also unveiled new capabilities to allow cross-portfolio accumulations across reinsurance and insurance workflows. ExposureIQ is an innovative, cloud-based exposure management application designed to help portfolio managers gain deeper insights into their books, scaling to millions of locations, enabling easy discovery of hotspots, diversification, and portfolio re-balancing. The application provides access to exposure information which leverages events and footprints from RMS Event Response and RMS’s unique HWind real-time forecasting capabilities, to help gain a quicker and more accurate assessment of potential losses before, during, and after an event. Real-time analysis and insight into portfolios allow for alignment with a company’s risk appetite, exposing threats and opportunities within their portfolio. The latest ExposureIQ release provides powerful reporting with an in-app dashboard that allows portfolio analysis across the most critical building criteria, allowing customers to understand how varying geocoding resolutions impact results as well as understanding which building occupancies and construction types are driving their losses. This advanced reporting functionality speeds up analysis and empowers portfolio managers to make faster, better-informed decisions. ExposureIQ is now the only application in the market to provide near real-time event visualization through a powerful new mapping module that integrates RMS Event Response and RMS HWind data. There’s no longer a need for customers to download and upload data to their system. Customers can now automatically access the latest event data, visualize events against exposures, and run accumulations – all within the application on a near real-time basis. At its annual Exceedance Conference, RMS demonstrated how ExposureIQ will expand on these capabilities to allow customers to run accumulations across both their insurance and reinsurance books of business. It will enable users to easily build structures that represent business hierarchies in an intuitive way. For the first time, customers will be able to run accumulations across portfolios and across cedents all in one application and leverage the RMS rich data catalog derived from our market-leading model science. Speaking at the annual RMS Exceedance conference, RMS executive vice president, product, Cihan Biyikoglu, said: “Exposure management is one of the most important aspects in terms of overall business profitability and keeping business risk appetite in check. Real-time exposure information such as wind forecasting from RMS Event Response gives customers the insights and control they need during critical points before, during, and after an event.  The inclusion of cross-portfolio and cross-cedant accumulation in this release takes portfolio analytics to an unprecedented level. RMS understands the importance of making decisions based on quality data and insights. ExposureIQ brings together excellence in modeling with the flexibility, scale, and performance of the cloud to enable companies to develop a comprehensive view of their portfolio, optimize workflows, generate quality insights, and improve profitability.”

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May 05, 2021
RMS Announces New Models and RiskLink Version 21.0

Newark, Calif. – May 5, 2021 – RMS, the world’s leading catastrophe risk modeling and solutions company, today announces new models.  Speaking at the annual RMS Exceedance conference, Mohsen Rahnama Ph.D., chief risk modeling officer and executive vice president, said: “Risk is increasingly complex and connected. RMS is focused on providing the highest quality and most transparent, robust catastrophe models to the industry in this environment. With the new inland flood models and global flood hazard maps, we address an important set of regions where flood is the most important peril, and now cover 100 percent of flood premiums written worldwide. The significant update to the RMS North Atlantic Hurricane Models incorporates the latest science, and applies the learnings from 2017 onward.”  Global Flood Coverage Key flood models and maps announced today at Exceedance 2021 include: A new inland flood model for China will be available in June 2021, concurrently on both RiskLink Version 21.0 and Risk Modeler, the RMS cloud platform for model execution and analytics.  New inland flood models for New Zealand and Southeast Asia (Thailand, Singapore, Malaysia, and Indonesia) are available in the second half of 2021. Global flood hazard maps for over 200 countries will also be available in the second half of 2021. With this significant expansion, the RMS Global Flood Solution Suite now offers unmatched high-resolution flood model coverage and a unified approach to manage all global flood risk. These models and maps cover 100 percent of global property gross written premiums for flood. North Atlantic Hurricane Significant updates to the industry-leading North Atlantic Hurricane (NAHU) Models were also announced. The North Atlantic Hurricane Models Version 21.0 now include medium-term event rates, lessons learned from the 2017-2020 hurricane seasons, and a new alternative view of vulnerability for Florida Residential Lines. Importantly, RMS incorporated an alternative view of risk accounting for the Florida Building Code 25 percent Roof Replacement Rule, which was expanded from the High Velocity Hurricane Zone (HVHZ) to cover the entire state of Florida in the 2017 Florida Building Code. These key updates empower customers to make more informed rate setting decisions. Additional 2021 RMS Models RMS Canada Wildfire Model has been added to the RMS North America Wildfire Models Suite and is available now. Canada Wildfire has coast-to-coast coverage for Canada. Consistent with the RMS U.S. Wildfire Model, the Canada model incorporates ignition and spread of wildfires, ember footprints, smoke footprints and urban conflagration, as well as the financial model that include hours and distance clauses for representation of policy terms.  RMS Cyber Solutions Version 5.1, available now, incorporates a new dashboard for underwriters providing powerful cyber underwriting analytics and rich data covering cyber incidents and threats.   RiskLink Version 21.0 RiskLink 21.0 will be available June 2021. All RiskLink models will be available concurrently on both RiskLink and Risk Modeler. 

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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 models underlie the nearly $2 trillion Property & Casualty industry and many insurers, reinsurers, and brokers around the world rely on RMS model science.

RMS helped pioneer the catastrophe risk industry, and continues to lead in innovation by marrying data and advanced model science with leading-edge SaaS technology. Leaders across multiple industries can address the risks of tomorrow with RMS Risk Intelligence™ (RI), our open, unified cloud platform for global risk, enabling them to tap into RMS HD models, rich data layers, intuitive applications, and APIs.

Further supporting the industry's transition to modern risk management, RMS spearheaded the Risk Data Open Standard (RDOS), a new modern open standard data schema designed to be an extensible, flexible, and future-proof asset within modeling/analysis systems.

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

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

(C) 2021 Risk Management Solutions, Inc. RMS, the RMS logo, and RMS Risk Intelligence are trademarks of Risk Management Solutions, Inc. All other trademarks are property of their respective owners.

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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