logo image

NEWARK, CA – 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.

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.

Related Resources
August 15, 2022
Moody’s Analytics and RMS Appoint Asia-Pacific Managing Director to Lead Customer Experience and Business Development

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 modeling 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 U.K., 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 and the Middle East, Moody's Analytics, highlighted: “We are delighted to have Andrew join as Managing Director and head of our Insurance practice in Asia-Pacific and the 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, RMS 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 cyberattacks, 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."

Read More
August 03, 2022
Covenant Underwriters Use RMS Analytics to Offer Clients Real-Time Premium Figures During Quote Process

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.

Read More
July 19, 2022
JENOA Adopts RMS Global Flood Maps to Provide a View of Flood Risk in the Middle East and Beyond

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.

Read More
About RMS

Risk Management Solutions, Inc. (RMS) a Moody's Analytics company, shapes the world's view of risk for insurers, reinsurers, financial services organizations, and the public sector. We empower organizations to 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 US$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 offering unmatched science, technology, and 300+ catastrophe risk models. Leaders across multiple industries can address the risks of tomorrow with the RMS Intelligent Risk Platform™, the only open cloud with collaborative applications and unified analytics that can power risk management excellence across organizations and industries. 

Further supporting the industry's transition to modern risk management, RMS spearheaded the Risk Data Open Standard (RDOS), a modern, open-standard data schema designed to be an extensible and flexible 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.

RMS is a subsidiary of Moody’s Corporation (NYSE: MCO) and operates as part of the Moody’s Analytics business segment. Moody’s Analytics is operationally and legally separate from the Moody’s Investors Service credit rating agency.

Media Contacts

Matthew Longbottom

PR Lead, EU and APAC
+44 20 7444 7706 prteam@rms.com

Haggie Partners

PR Lead, Americas
cta image

Subscribe to Our Newsletter

close button
Overlay Image
Video Title

Thank You

You’ll be contacted by an RMS specialist shortly.