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NEWARK, CA – May 4, 2020 – RMS®, the leading global risk modeling and analytics firm, announced today at its annual Exceedance conference the release of new European Severe Convective Storm (EU SCS) High Definition Models. The models represent 50,000 years of simulation of hail and straight-line wind and tornado risk and include all key lines of business -- including automobile and property. In addition, the models cover 17* countries in Europe, complementing the RMS European climate hazard model suite.
Severe convective storms in Europe generally occur within the mid-latitudes in summer and can cause extensive loss to vehicles and property. Sometimes viewed as an attritional peril, severe convective storm risk is often managed using historical experience, despite incomplete observational reporting. Recent events have shown the potential cost this peril can cause for the (re)insurance industry. From 2013 to 2019, losses from major and attritional severe convective storms exceeded €12 billion.
The models cover the full spectrum of sources of SCS loss, from localized tornadoes and hailstorms to large derechos. The HD framework enables modeling time-based policy conditions such as hours clauses of varying length, fulfilling the diverse needs of European insurers for underwriting, portfolio management, and capital adequacy. The models were developed based on the latest scientific research and complement the existing suite of RMS climate peril models for Europe, providing users with a holistic view of climate risk across the domain.
Severe convective storms have the particularity to drive significant impact to both property and automobile lines of business. RMS employs innovative technology to model the vulnerability of these two lines. This includes dynamic modeling of automobile movement, helping users understand sensitivity in vehicle vulnerability due to variation in location and time of day.
The RMS Severe Convective Storm HD Models benefit from the HD simulation technology available within the RMS unified cloud platform, RMS Risk Intelligence™ (RI). With the new version of Risk Modeler 2.0™, which runs on RI, HD Models will now be integrated to work in the familiar workflows RiskLink® provides for RMS’s existing users, and the new HD Models are seamlessly integrated with RiskLink models for side by side use. The RMS Severe Convective Storm HD models are available today through Analytical Services, for evaluation and validation, and will be running on Risk Modeler 2.0 for summer 2020.
Mohsen Rahnama, Chief Risk Modeling Officer, RMS said:“RMS’ EUSCS HD Models give a pan-European view of convective storm risk, developed using latest scientific research, and complementing the existing RMS Europe Wind & Flood solutions, providing users with a holistic view of climate risk across the domain. It covers the full spectrum of SCS hazards - from localized tornadoes, diverse hailstorms, to large derechos. We use a hybrid modeling approach combining parametric and statistical methods which best capture storm footprints, and their associated frequency and severity, hence enabling the assessment of cross-peril correlations. The multi-peril stochastic set includes over 7.5 million events, covering 17 countries, based on 50,000 years of simulations, so that we appropriately capture the spatial and temporal scale of convective storm risk in the European modelling domain. This provides in-depth analytics not only on potential loss magnitudes for insurers’ portfolios, but it also captures the geographic and sub-peril correlations accurately. The model is calibrated using billions of Euro property and automobiles claims data.”
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:
Each of these models is available today through Analytical Services and for evaluation and validation, and will be coming onto Risk Modeler 2.0 for June-September 2020.
ENDS
* - The 17 countries are: Austria, Belgium, Czech Republic, Denmark, France, Germany, Italy, Liechtenstein, Luxembourg, the Netherlands, Norway, Poland, Ireland, Slovakia, Sweden, Switzerland, and the United Kingdom. France includes Monaco; Italy includes San Marino and Vatican City.
NEWARK, CA – 15 August, 2022 – Andrew Hare has been appointed Managing Director, Asia Pacific at RMS®, a Moody's Analytics company and global leader in risk modelling and solutions. Andrew will be responsible for integrating and leading the strategy and execution across the combined RMS and Moody’s Analytics Insurance Vertical, as well as overseeing client relationships and business development in the region. He will be based in Singapore and will report to Michael Steel, General Manager at RMS, and Wael Jadallah, Moody’s Analytics Head of APAC and the Middle East. Andrew has almost 25 years of experience and was most recently Managing Director and Head of Aon Inpoint (Aon's insurance advisory business) for Asia. He was previously a Managing Director responsible for Strategy and Growth at Aon Reinsurance Solutions across Asia Pacific. During his 17-year career with Aon, Andrew worked extensively with insurers and reinsurers in the UK, Europe, Bermuda, and North America before moving to Singapore in 2013. Andrew began his career with Accenture after majoring in Business Management at Oxford Brookes University. Michael Steel, General Manager, RMS said: "Andrew brings extensive experience in the insurance industry, as well as a thorough understanding of the diverse risk requirements in Asia Pacific, where he has built industry-leading teams and capabilities that have delivered deep insights and added value to insurers and reinsurers. We are delighted to welcome Andrew and look forward to the positive impact he will have on RMS and Moody's Analytics clients. We have always placed a high value on the Asia Pacific region, and Andrew's appointment demonstrates our continued commitment to providing leading insight, data, and analytics to our clients, communities, and the industry." Wael Jadallah, General Manager Asia Pacific & Middle East, highlighted: “We are delighted to have Andrew join as Managing Director and head of our Insurance practice in Asia Pacific and Middle East. Andrew is well known and respected by an extensive network within the insurance industry globally. He brings a wealth of experience and his appointment is a testimony of Moody’s Analytics’ investment in our regions, as we continue to invest in our commitment to add value to our clients’ evolving needs.” Andrew Hare, Managing Director Asia Pacific, added: “Climate change and natural catastrophes, such as flood, fire, earthquake, and typhoon, continue to wreak havoc on the Asia-Pacific region. Following the devastating effects of the Covid-19 outbreak as well as chronic supply-chain disruptions, heightened cyber-attacks, social and economic inflation, and global geopolitical uncertainty, many economies and communities in the region are continuing their long road to recovery. RMS, with the combination of capabilities with Moody’s Analytics, is uniquely positioned to provide a deep understanding of the region’s evolving risk profile and increase confidence in risk management and selection. I am thrilled to join the team to deliver an integrated risk assessment strategy that will help clients and communities decode risk and unlock opportunity."
LONDON – 3 August, 2022 – Covenant Underwriters, the e-commerce insurance program administrator, is using Location Intelligence API from RMS®, a Moody’s Analytics company and world-leading risk modeling and solutions company, to provide real-time premium indications to its clients during the quotation process. RMS Location Intelligence API offers market-leading, high-resolution, location-level hazard, risk, and loss metrics delivered directly into underwriting workflows. Clients using Location Intelligence API benefit from trusted model data to help customize pricing for each policy, helping avoid adverse selection and to provide greater opportunities for dynamic pricing. Location Intelligence API is available in multiple countries and covers key modeled perils like hurricane, flood, earthquake, wildfire, convective storm, and more. Daniel Murray, Chief Underwriter at Covenant Underwriters, said: “Covenant has developed an API-powered rating algorithm that leverages big data and artificial intelligence to produce an instant price indication for any given address. Using an application programming interface (API) to integrate RMS knowledge and insight directly into the Covenant platform, enables our retail brokers to craft the winning terms during the quote process.” Marisa Ruscitto, Managing Director, RMS, said: “The RMS Location Intelligence API enables users to benefit from a competitive advantage with real-time, location-level hazard, risk, and loss metrics. Using these metrics not only helps with risk selection but also pricing, screening, and referrals. As underwriting workflows automate rapidly, an increasing number of industry leaders are adopting real-time underwriting processes and decision-making capability to quickly match risk to capital, and to better support their clients and their business.” About Covenant Underwriters Based in Houston, Texas, Covenant Underwriters develops and administers e-commerce insurance programs that leverage custom forms, cutting-edge technology, and niche underwriting to make specialty insurance easy for retail brokers. Current niche programs include commercial package policies for limited-service hotels and convenience stores with gas stations. Visit Covenant Underwriters for more information.
LONDON – 19 July, 2022 – Boutique digital broker JENOA Insurance & Risk Management (JENOA) has adopted Global Flood Maps from RMS®, a Moody’s Analytics company and world-leading risk modeling and solutions company, to provide an analytical view of flood risk in the Middle East and beyond. The recently launched RMS Global Flood Maps provide views of flood extent and coverage for every country in the world. The models have been developed using a machine learning approach that allows RMS to utilize its full probabilistic models in regions where the data typically required to accurately assess flood risk is either missing or sparse. The flood maps enable a better understanding of flood risk across high and low exceedance probabilities. The maps allow users to understand not only the locations that might be affected, but also the extent and severity of the flood risk. Mahboob Khan, Chief Executive Officer, JENOA, said: “The region has been exposed to an increasing number of natural catastrophes and we are working with our clients to proactively identify, quantify and develop strategies to mitigate this exposure. We are therefore proud to be a leader in the region to offer the RMS technology to our current and prospective clients. JENOA’s unique offering allows us to offer traditional London Market solutions while leveraging the latest technological advances in the reinsurance market. The RMS Global Flood Maps help us offer clients comprehensive insight into their Middle East flood risks.” Jason Futers, Managing Director, RMS, said: “Flood is increasingly a primary peril in many regions across the globe. The new RMS Global Flood Maps cover the entire world, allowing clients to fully assess flood risk, wherever the risk might be. RMS is committed to supporting our clients’ risk management needs, across all regions and geographies. The unique combination of science and technology that RMS can offer ensures we can consistently deliver the information necessary to support risk management decisions.” About JENOA At JENOA, we relentlessly strive to inspire our business clients to see controllable risk as an enabling asset from which to springboard growth in their entrepreneurial pursuits. With a driving ambition to be recognised as a leader in the delivery of sustainable, commercial reinsurance and risk management solutions, we are an niche broker offering a comprehensive suite of reinsurance brokerage capabilities tailored to developing markets and new technologies. As an appointed representative of the Lloyd’s of London broker, H.W. Wood Ltd., we navigate the world’s largest reinsurance market, and backed by Abdul Latif Jameel – one of the most respected diversified family businesses, with a 75+ year heritage and financial strength – our unique offering enables us to deliver traditional London market solutions, design innovative InsurTech and also risk based solutions extending your reach into further exciting markets in the Middle East, North Africa around the world. To learn more, visit us at: jenoa.com, or follow us on social media LinkedIn, Facebook, YouTube and Instagram. For media enquiries, please contact media@jenoa.com. © JENOA Ltd., Regulated by the Financial Conduct Authority of England & Wales (FRN: 917726). All intellectual and other property rights fully reserved. Permission to use this site is granted strictly subject to the Terms of Use. The JENOA name and JENOA logotype and Abdul Latif Jameel name and the Abdul Latif Jameel logotype and pentagon-shaped graphics are trademarks, or registered trademarks of Abdul Latif Jameel IPR Co. Ltd. All other trademarks remain the intellectual property of their respective owners and are reproduced by kind permission. The term ‘Abdul Latif Jameel’ refers broadly to several distinct, separate and independent legal entities. Abdul Latif Jameel is not itself a corporate entity, association or conglomerate run by an overarching parent company but merely refers to a group of distinct and wholly separate legal entities that are collectively referred to as Abdul Latif Jameel. Abdul Latif Jameel is not a corporate group as defined in section 1161(5) of the Companies Act 2006. This website may contain forward-looking statements. Forward-looking statements are statements regarding matters other than historical fact, such as future results, events, activities, developments or circumstances or the beliefs, plans or expectations of JENOA Ltd., JENOA Risk Services Ltd. entities or their respective managements. Forward-looking statements often can be identified by the use of words such as ‘expect’, ‘project’, ‘anticipate’, ‘plan’, ‘estimate’, ‘believe’, ‘predict’, ‘intend’, ‘potential’, ‘possible’, ‘probable’, ‘likely’, ‘forecast’, ‘guidance’, ‘outlook’, ‘goal’, ‘target’, ‘may’, ‘will’, ‘should’ or ‘could’ or other similar terms or phrases. However, the absence of such words does not mean that a particular statement is not forward looking. Forward-looking statements are based on expectations and assumptions at the time of such statements and are subject to numerous risks and uncertainties, many of which are outside the control of JENOA Ltd. or JENOA Risk Services Ltd. entities. Should any of such expectations or assumptions prove incorrect, or should any of such risks or uncertainties materialize, actual future results, events, activities, developments or circumstances may differ materially from those expressed in or implied by forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made, and JENOA does not assume, and hereby disclaims, any obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise. All forward-looking statements made by, JENOA Ltd. or JENOA Risk Services Ltd. entities, or by any person on behalf of any of them, whether communicated in writing, electronically or orally, are qualified in their entirety by the foregoing cautionary statements.
