Newark, CA. - June 24, 2019 Today, RMS, a leading global risk modeling and analytics firm, announced that its Version 18.1 RMS North Atlantic Hurricane Models were approved by the Florida Commission on Hurricane Loss Projection Methodology (FCHLPM) on June 13, 2019, for use in residential rate filings with the Florida Office of Insurance Regulation. The certification applies to Version 18.1 hurricane models on both RiskLink 18.1 and the forthcoming Risk Modeler 2.1 application on Risk Intelligence (RI). This certification will be valid until November 1, 2021.
Following this approval, RMS becomes the first risk modeling and analytics firm to have its hurricane models approved by the FCHLPM on a software and cloud platform simultaneously.
“Certification by the Florida Commission is a strong indicator of the integrity of our hurricane model, its quality, and the science, data, and engineering underpinning it,” said Jeff Waters, Senior Product Manager, RMS North Atlantic Hurricane Models, “The recent updates to Version 18.1 reflect enhancements to each model component to improve the differentiation and quantification of hurricane risk throughout the Atlantic Basin.”
On April 29, 2019, RMS announced the release of its updated North Atlantic Hurricane Models in Version 18.1. Leveraging new hurricane science, data, and technology, the latest view of the hurricane risk landscape within this model incorporates the following enhancements:
Cihan Biyikoglu, Executive Vice President of Product at RMS said, “RMS is committed to offering its risk solutions in multiple distribution formats to meet the evolving business needs of the (re)insurance market. Having Version 18.1 North Atlantic Hurricane Models available on both RiskLink and Risk Intelligence (RI) gives clients choice on how they access and make use of this critical market currency to inform their view of hurricane risk.”
For additional details on the RMS North Atlantic Hurricane Models click here.
NEWARK, Calif. – June 30, 2021 – RMS, the world’s leading catastrophe risk solutions company, and the Saudi Reinsurance Company (Saudi Re) announce a new agreement, with Saudi Re adopting RMS models and services for a more comprehensive view across the Asian market. The agreement will enable Saudi Re to enhance risk analysis across multiple geographies including India, China, and the Philippines. Saudi Re continues to grow its activities and client base in the Asian market, and is further enhancing its ‘in-house’ capability of assessing risks particularly in this expanding region. “Our clients know and expect the best insights, service and quality from Saudi Re,” said Fahad Al-Hesni, MD-CEO at Saudi Re. “The new agreement with RMS will help ensure the continued delivery of these standards, through applied use of leading science and technology. Being the first to acquire RMS models in the Saudi and Gulf Cooperation Council (re)insurance market, we expect that our use of RMS models will increase value, and ultimately profitability, to all our global clients when managing their risk.” RMS EVP Client Development Pat McCarthy said, “We are honored to be working with Saudi Re. With this deal, the reinsurance and insurance markets in the Middle East and Saudi Arabia are able to take full advantage of the latest science and technology to help navigate the evolving risk landscape. Our continued investment in our models and services aims to give Saudi Re full confidence that they will be in the best position to proactively support their own clients and goals.” END About Saudi Re Saudi Reinsurance Company "Saudi Re" is a Saudi joint stock company, founded in Riyadh in 2008 as the first reinsurance company established in Saudi Arabia. With offices in Riyadh (Saudi Arabia) and Kuala Lumpur (Malaysia), Saudi Re is one of the MENA regions leading reinsurers and has a diversified global portfolio which expands over 40 countries across the Middle East, Asia, and Africa. Saudi Re is A3 rated by Moody’s with a stable outlook.
Newark, Calif. – June 8, 2021 – Today, RMS, the world’s leading catastrophe risk modeling and solutions company, announced that Version 21.0 of the RMS North Atlantic Hurricane Models was approved by the Florida Commission on Hurricane Loss Projection Methodology (FCHLPM) on June 1, 2021, for use in residential rate filings with the Florida Office of Insurance Regulation. The certification applies to Version 21.0 hurricane models available on RiskLink® 21.0 and the Risk Modeler application on the RMS open cloud platform, RMS Risk Intelligence™. This multi-environment approval builds on the successes of the Version 18.1 FCHLPM certification in 2019, when RMS became the first catastrophe risk modeling and solutions firm to have its hurricane models certified for use simultaneously on both on-premises and cloud software. Matthew Nielsen, senior director, regulatory affairs, RMS, said: “Obtaining FCHLPM certification is a key milestone in the development and go-to-market process of our hurricane models. It underscores the continued quality and reliability of our North Atlantic Hurricane Models, based on industry-leading science, data, methods, engineering, and software. The certification also has implications for other regions, as many other states affected by hurricanes look to Florida’s model certification process as a first step for their own state approvals.” On May 5, 2021, RMS announced updates to Version 21.0 of its hurricane models. Informed by new data and learnings from recent impactful seasons, including more than US$6 billion in new claims data, the updated hurricane models allow RMS to continue providing the (re)insurance market with the most comprehensive view of the hurricane risk landscape. Jeff Waters, senior product manager, RMS North Atlantic Hurricane Models Suite, said: “The updates in Version 21.0 include the latest insights into current and evolving market conditions in risk-prone areas. For instance, recent changes to the statewide building code in Florida have extended the geographical applicability of roof replacement requirements throughout the state. Initial assessments suggest this may drive material increases on overall claim severity, because it means a roof that might experience as little as 25% damage is required to be replaced in full. In Version 21, alongside our reference view of vulnerability, we've introduced a new alternative view of vulnerability for residential lines in Florida to help clients understand the sensitivities of these potential impacts to their books.” Other enhancements in Version 21.0 of the RMS North Atlantic Hurricane Models include: Long-term event rates updates to incorporate two new seasons of hurricane activity (2017-2018) from the National Hurricane Center’s Hurricane Database (HURDAT2) data. New medium-term rate forecast for 2021-2025 informed by data-driven updates, including the latest historical Atlantic Basin hurricane data through the record-breaking 2020 season. New historical event reconstructions from recent seasons, including hurricanes Harvey (2017), Irma (2017), Maria (2017), and Michael (2018). Vulnerability updates in the Caribbean based on new claims data and learnings from the impactful 2017-2018 seasons. Mohsen Rahnama, chief risk modeling officer and executive vice president, models and data, RMS said: “As the 2021 hurricane season is now underway, it’s important to remember that hurricane is one of the biggest drivers of annual insured losses throughout the North Atlantic Basin. Version 21.0 of the RMS North Atlantic Hurricane Models incorporates important learnings and insights from the 2017 and 2018 hurricane seasons, including the most new claims data and event rates informed by data from the most recent 2020 season. These advantages help give (re)insurers a more comprehensive view of risk applicable at the point of underwriting through to portfolio management and risk transfer decisions." The FCHLPM certification of Version 21.0 of the RMS North Atlantic Hurricane Models will be valid until November 1, 2023. Version 21.0 will be generally available on June 23, 2021, on both RiskLink and Risk Modeler simultaneously. Learn more about the RMS North Atlantic Hurricane Models here. 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