LONDON – 20th December, 2021 – RMS®, the world’s leading catastrophe risk solutions company, announces that it has formally signed a consulting agreement with Tunis Re to create an exposure and accumulation study, with a focus on Flood, Terrorism and other natural catastrophes.
This agreement will enable Tunis Re to increase monitoring of its exposures and further expand its risk management capabilities.
Lamia Ben Mahmoud, Chief Executive Officer at Tunis Re, said: “To continue providing our valued clients with the excellent service to which they are accustomed, we continuously look for ways to stay ahead of our exposures and maintain exceptional risk management processes. Our strategic collaboration with RMS, who is highly regarded especially around flood, natural catastrophe and terrorism risks, will enable us to further develop a more comprehensive monitoring of these risks for the benefit of both our team and our clients and our other business partners.”
Vivek Bajaj, Managing Director Europe and Asia, RMS, added: “We are delighted to work with Tunis Re on this collaborative initiative. We look forward to assisting them in furthering their awareness and knowledge of their exposures and supporting them as they embark on this journey. This demonstrates our commitment to continued development and growth in the important MENA region.”
Tunis Re is a public limited reinsurance company based in Tunis, Tunisia. Founded in 1981, the company writes both treaty and facultative solutions (non-life and life) and is one of Africa’s leading regional reinsurers. Tunis Re has a diversified global portfolio which expands over 51 countries across the Middle East, Africa and Asia.
LONDON – 13th December, 2021 – RMS, the world’s leading catastrophe risk solutions company, is working with leading global specialty (re)insurer Canopius to develop and enhance Canopius’ climate change risk analysis with the adoption of RMS Climate Change Models. RMS has worked closely with Canopius to fully integrate the climate change models into its business processes with a focus on North Atlantic hurricane wind and storm surge. The RMS Climate Change Models will also help Canopius to respond to new and emerging regulatory reporting, such as the recent Bank of England Climate Biennial Exploratory Scenario (CBES) exercise, as well as further financial disclosures. RMS Climate Change Models help (re)insurers, such as Canopius, better understand, evaluate, and manage climate change risk in multiple regions using a probabilistic modeling approach. The models offer comprehensive and flexible parameters to seamlessly adjust time horizons and Representative Concentration Pathways (RCPs) to assess the impacts and uncertainties associated with different climate change scenarios. Joss Matthewman, Senior Director, Product Management, RMS, said: “Rigorous and reliable climate change risk analytics are vital for all businesses right now. This is not just about contributing to increased regulation and financial disclosures, but also providing clients with strategic insights and outcomes for short-, medium- and long-term horizons. We are pleased to continue our work with Canopius, and we see more companies across the insurance and reinsurance industry defining best practices around climate change and investing in the future of our industry.” Paul Wilkinson, Head of Aggregation and Risk Strategy, Canopius said: “Climate change presents one of the most significant risks to the (re)insurance industry. It is important to us to incorporate the latest science relating to climate change into our risk analytics in a manner that can be tailored to our needs and fully integrated across key business operations, such as portfolio management, near-term underwriting, and business planning. The RMS models enable adjusting time horizons for the near- and long-term, which, combined with the full flexibility and range of the IPCC’s Representative Concentration Pathway (RCP) scenarios allows us to confidently assess North Atlantic hurricane climate change risks.”
LONDON – 7th December, 2021 – Specialist global insurer Hiscox is working with RMS, the world’s leading catastrophe risk solutions company, to extend and increase its use of groundbreaking RMS Location Intelligence API technology, to improve the customer experience for its coverholders by providing real-time tailored quotes. RMS Location Intelligence provides market-leading modeling data offering high-resolution, location-level hazard, risk, and loss metrics. The use of an application programming interface (API) to integrate RMS data directly into Hiscox systems allows real-time responses to coverholders, and no lost business due to slow response times. RMS Location Intelligence also provides a live view of Hiscox’s bound portfolio enabling active management of risk aggregation and greater opportunities for dynamic pricing. Paul Butler, Technology Director, Hiscox, said: “It is no secret that technology continues to be a major driver across all aspects of the insurance industry. At Hiscox we are accelerating investment in our data and analytical capabilities to enable us to capture new opportunities in the market. Our Coverholder relationships are vital to our business growth at Hiscox and since working with RMS Location Intelligence API, our FloodPlus book has doubled year on year, now generating in the region of 20,000 quotes per week. The millisecond response times are needed to keep our overall API response time below four seconds – our benchmark for providing real-time and automated trading platforms in FloodPlus and BindPlus.” Jason Futers, Managing Director at RMS, said: “There has been huge growth in the Coverholder market, and many sophisticated carriers are now moving to live quoting of delegated business so that they can precisely tailor pricing to their view of risk and build a better book of business. RMS Location Intelligence offers real-time screening and pricing analytics from RMS data and models that enable carriers to adopt a consistent view across the full risk transfer process, from individual risks through to portfolio management. Being able to provide coverholders with real-time, fully automated quotes is a gamechanger that is driving increases to the quote-to-bind ratios, and improvements in the quality and quantity of underwritten policies.” About the Hiscox Group Hiscox is a global specialist insurer, headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). Our ambition is to be a respected specialist insurer with a diverse portfolio by product and geography. We believe that building balance between catastrophe-exposed business and less volatile local specialty business gives us opportunities for profitable growth throughout the insurance cycle. The Hiscox Group employs over 3,000 people in 14 countries, and has customers worldwide. Through the retail businesses in the UK, Europe, Asia and the USA, we offer a range of specialist insurance for professionals and business customers as well as homeowners. Internationally traded, bigger ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re & ILS. Our values define our business, with a focus on people, courage, ownership and integrity. We pride ourselves on being true to our word and our award-winning claims service is testament to that. For more information, visit www.hiscoxgroup.com
Newark, CA – September 23, 2021 – RMS®, the world’s leading catastrophe risk solutions company, estimates that the total U.S. insured losses from Hurricane Nicholas to be between US$1.1 and US$2.2 billion. This estimate represents insured losses associated with wind, storm surge, and precipitation-induced flooding, including losses to the National Flood Insurance Program (NFIP). Nicholas made landfall on September 14, 2021 near Sargent Beach, Texas as a Category 1 hurricane on the Saffir-Simpson Hurricane Wind Scale with maximum sustained winds of 75 miles per hour (120 km/h). The storm brought hurricane-force winds, prolonged heavy rainfall to the central Gulf Coast, including many areas in southern Louisiana still recovering from Hurricane Ida, as well as Hurricanes’ Laura and Delta (2020). Total insured loss estimates for Hurricane Nicholas (US$ billions): Wind + Surge Private Inland Flood NFIP Total 0.7 – 1.4 0.2 – 0.3 0.2 – 0.5 1.1 – 2.2 RMS estimates US$700 million to US$1.4 billion in privately insured wind and storm surge losses based on analysis of ensemble footprints in Version 21 of the RMS North Atlantic Hurricane Models. RMS ensemble footprints are reconstructions of Nicholas’ hazard that capture the uncertainties surrounding observed winds and storm surge. The precipitation-induced inland flooding losses were generated using footprints from the RMS U.S. Inland Flood HD Model. RMS modelers developed and validated the wind, storm surge, and inland flood reconstructions and corresponding loss estimates using publicly available observations, including wind stations, rivers water level gauge data, and web reconnaissance. “A notable impact from this event is the rainfalls, especially in Louisiana, where many towns and cities are still in the early stages of recovery after Hurricane Ida. RMS event response teams estimate roughly 40 percent of postal codes in Louisiana that were impacted by flooding in Nicholas were also impacted by flooding from Ida a few weeks earlier. We expect the overlapping nature of these two storms to further amplify losses, including the risk of rainfall infiltration, and to prolong the claims settlement process,” says Jeff Waters, Senior Product Manager, RMS North Atlantic Hurricane Models. The estimate also includes US$200 – $500 million in losses for NFIP in Texas and the Gulf of Mexico region. NFIP losses were derived using RMS’ view of NFIP exposure based on 2019 policy-in-force data published by FEMA, Version 21 North Atlantic Hurricane Models, and the U.S. Inland Flood HD Model. Losses reflect property damage and business interruption to residential, commercial, industrial, and automobile lines of business, and considers sources of post-event loss amplification (PLA). RMS expects the majority of wind and storm surge losses to come from Texas, and the majority of the NFIP and insured flood losses to come from Louisiana. Hurricane Nicholas was the fourteenth named storm of the 2021 North Atlantic hurricane season and the sixth hurricane. It was the second hurricane to make landfall this season. RMS industry loss estimates for landfalling hurricanes are comprehensive, reflecting modeled and non-modeled impacts from all major drivers of damage, including wind, storm surge, and inland flooding. 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 THIS 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.