Newark, CA – May 4, 2020: As the world is changing in profound ways, so is risk. Climate change, pandemic events, and cyberattacks are threats we all now have to consider in new and innovative ways. With better understanding of risks, better decisions can be made, enabling better risk management end-to-end. Today, at the opening of its annual Exceedance conference, RMS, the world’s leading catastrophe risk solutions company, announced significant new model and product releases and updates for RMS Risk Intelligence™ (RI).
RMS Risk Intelligence (RI), first launched in May 2019, is an open, modular, unified, and reliable cloud platform that enables advanced modeling, deeper risk insights and analytics. Leveraging a cloud-native architecture, RI delivers higher performance and scale. With the RMS Risk Intelligence platform, there is no hardware or software to maintain, focused on reducing cost of ownership. The platform enables (re)insurers, the capital market, governments, and other organizations to efficiently operate and manage all their RMS risk models in the cloud, with an intuitive user experience, integrated with advanced risk analytics. RI is compliant with all industry recognized best-in-class security requirements such as GDPR, ISO27001, C5 and SOC2.
This week, during the virtual Exceedance 2020 conference, RMS will demonstrate significant advancements on RMS Risk Intelligence.
Risk Modeler 2.0
Risk Modeler 2.0™ is a break-through product release at RMS, running on RMS Risk Intelligence. Risk Modeler 2.0 provides advanced portfolio and account risk analyses leveraging RMS models and is designed to meet the complex needs of risk analysts and cat modelers. The latest version of the Risk Modeler product enables real-time risk analytics and unified, high performance execution of RiskLink® models and HD Models. It can also be easily integrated with on-premises modeling and other on-premises applications as well as other cloud applications through open APIs, giving customers maximum flexibility and choice. Risk Modeler 2.0 offers an all-in-one RiskLink and RiskBrowser experience, with familiar features along with an enhanced, intuitive user interface that streamlines workflows to reduce the time and steps it takes to complete complex analyses. Risk Modeler 2.0 is a unified modeling and analytics solution for an entire organization to run portfolio and account modeling workflows, promoting real-time risk insights.
Risk Modeler 2.0 provides:
Risk Modeler 2.0 is available to customers in preview today and will be generally available with RiskLink models, with initial HD models in preview, by June 2020.
Risk Modeler with New HD Models
RMS High Definition Models are the next generation of risk modeling, delivering greater analysis and granularity than ever before. RMS HD Models have now all undergone a significant upgrade as they transitioned to the Risk Modeler application, which gives them greater flexibility and computational strength. The following models are in addition to the US Flood and US Wildfire HD Models that have been available through Risk Modeler’s earlier version:
All these HD Models are available today, and will be generally available between June and September 2020 in the Risk Modeler 2.0 application. Customers can evaluate and validate these models even earlier with the preview program for Risk Modeler, or through Analytical Services. Customers can access the Europe Inland Flood and US Wildfire Models starting in June on Risk Modeler 2.0, followed by Europe Severe Convective Storm, Japan Typhoon, Japan Earthquake and New Zealand Earthquake Models coming onto Risk Modeler 2.0 shortly after. All HD models will be generally available on the new Risk Modeler 2.0 by September 2020.
Analytical Application Suite
RMS Risk Intelligence also offers a new suite of advanced applications that are tailored for specific portfolio management and underwriting tasks. These include:
Cihan Biyikoglu, Executive Vice President, Product, at RMS, said: “The significant advancements that the RMS team has made across all our products, HD Models, and especially Risk Modeler have been possible through collaboration with more than 400 RMS customers this past year. The Risk Intelligence unified cloud platform, through its innovative use of the risk data lake, the Risk Data Open Standard (RDOS), unified modeling and IQ applications - securely brings greater scale, capabilities and risk insights to the market. I am also excited about what the future holds in terms of new products and technologies. Further developments of the machine learning and artificial intelligence tools used by RMS will continue to open greater opportunities.”
Karen White, Chief Executive Officer at RMS said, “Risk Intelligence is the world’s first comprehensive global risk platform. The complexity and connectedness of risks continually confront us - we are all experiencing the crisis of COVID-19, along with the persistent crises of climate change, extreme weather and growing cyber threats. Facing all this, our industry needs a modern risk platform that takes advantage of all manner of data, modeling and analytics, in a way that is fast, integrated, and leverages technology in new ways for better insights and outcomes. RMS promised innovation, and with Risk Modeler 2.0 and the IQ applications, we have delivered – with an integrated platform for modeling risk in the cloud at the scale and speed required to take on the future of risk.”
Newark, CA – July 30, 2020 – RMS, the world’s leading catastrophe risk solutions company, estimates that the U.S. insurance losses from Hurricane Hanna will not exceed USD $400 million. This estimate represents insured losses associated with wind and storm surge, including losses to the National Flood Insurance Program (NFIP). “Wind and storm surge-driven losses for Hanna are expected to be consistent with losses projected by RMS’ HWind forecast product suite prior to landfall. The storm made landfall in southern Texas as a Category 1 hurricane with stronger winds than expected. However, the impacted region is an area with low industry exposure,” said Jeff Waters, senior product manager, RMS North Atlantic Hurricane Models. This estimate includes property damage and business interruption from wind and storm surge-driven coastal flooding to residential, commercial, industrial, and automobile lines of business. The estimate also includes wind-driven damage to offshore platforms in the western Gulf of Mexico; however, offshore platform loss constitutes a small fraction of the overall insured loss. Storm surge losses reflect the impact of coverage leakage, an escalation in claims severity for wind-only policies in instances where wind and water hazards co-exist in residential lines of business. Losses associated with inland flooding are expected to be negligible because the storm maintained its forward motion after landfall and only caused high rainfall totals in isolated areas. RMS expects losses to the NFIP to represent approximately USD $100 million or less of the total insured loss estimate. Texas has the second highest number of NFIP policies-in-force in the U.S., many of which are located in coastal areas impacted by storm surge from Hanna. Hurricane Hanna was the eighth named storm of the 2020 North Atlantic hurricane season and the earliest eighth named storm on record. It made landfall on Saturday, July 25, 2020 on Padre Island, Texas as a Category 1 hurricane on the Saffir-Simpson Hurricane Wind Scale with maximum sustained winds of 90 mph (150 km/hr). Hanna maintained this intensity and made a second landfall shortly after in Kenedy County. For this loss estimate, wind and storm surge impacts were simulated using version 18.1 RMS North Atlantic Hurricane Models, and RMS ensemble footprints, which are hazard reconstructions of Hanna’s wind field and storm surge. END The technology and data used in providing this Information is based on the scientific data, mathematical and empirical models, and encoded experience of scientists and specialists. As with any model of physical systems, particularly those with low frequencies of occurrence and potentially high severity outcomes, the actual losses from catastrophic events may differ from the results of simulation analyses. RMS SPECIFICALLY DISCLAIMS ANY AND ALL RESPONSIBILITIES, OBLIGATIONS AND LIABILITY WITH RESPECT TO ANY DECISIONS OR ADVICE MADE OR GIVEN AS A RESULT OF THE INFORMATION OR USE THEREOF, INCLUDING ALL WARRANTIES, WHETHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO, WARRANTIES OF NON-INFRINGEMENT, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. IN NO EVENT SHALL RMS (OR ITS PARENT, SUBSIDIARY, OR OTHER AFFILIATED COMPANIES) BE LIABLE FOR DIRECT, INDIRECT, SPECIAL, INCIDENTAL, OR CONSEQUENTIAL DAMAGES WITH RESPECT TO ANY DECISIONS OR ADVICE MADE OR GIVEN AS A RESULT OF THE CONTENTS OF THIS INFORMATION OR USE THEREOF.…