NEWARK, CA – March 10, 2022 – RMS®, a world leading risk modeling and solutions company, today announced an expansion to its latest suite of RMS Climate Change Models, to enable customers to strategically assess the near- and long-term impacts of climate change across a wider range of perils and regions.
The new models are now generally available for major perils including U.S. Flood, U.S. Wildfire. Japan Typhoon (including tropical cyclone induced inland flood) will be generally available in August. The existing North Atlantic Hurricane Climate Change Model will also now incorporate sea-level rise projections for the United States, including the impact of vertical land movement, for example, areas of land sinking in the Gulf region.
The RMS Climate Change Models address the growing need for climate change analytics in operational underwriting and portfolio management activities, in addition to supporting the increasing demands of regulatory requirements such as those from the Task Force on Climate Related Financial Disclosures (TCFD), and the Network for Greening the Financial System (NGFS).
These new RMS Climate Change Models will complement the existing suite launched in 2021, including Europe Flood, Europe Windstorm, and North Atlantic Hurricane Climate Change Models. The new Climate Change Models empower RMS’s economic modeling framework with a robust climate science consensus, including from the Intergovernmental Panel on Climate Change (IPCC).
Across all the RMS Climate Change Models, customers will be able to simulate the effects of climate change across four greenhouse gas concentration trajectories (known as Representative Concentration Pathways, or RCPs) at any time between 2020 and 2100.
Julie Serakos, Senior Vice President, Model Product Management, at RMS, said: “The effects of climate change up until now are already incorporated into RMS models, including all major peril models. What is becoming increasingly important for businesses is the ability to look forward at the potential impacts of climate change, across portfolios, risks and liabilities. There is also a growing need to capture sensitivity around the potential impacts of historical climate change, for example in perils where the consensus on this is limited. Only with detailed, consistent, and reliable information around future climate change risks are businesses and executives able to make informed long-term strategic decisions to best reflect the interests for their business, stakeholders, and regulators.
As disasters with a climate related footprint, such as flooding, wildfires, and hurricanes, increase in incidence and severity, it is also clear that this is a problem not just for the future, but one that needs to be strategically dealt with today, with the best tools available to give the clearest insights.”
Paul Wilkinson, Head of Aggregation and Risk Strategy, Canopius, said: “The RMS models enable adjusting time horizons for the near- and long-term, combined with the full flexibility and range of the IPCC’s Representative Concentration Pathway (RCP) scenarios. 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.”
RMS climate change solutions also include climate change specialist advisory and consulting expertise, and regulatory, environmental, social, and governance (ESG), TCFD, and NGFS support.
The RMS Climate Change Models address the perils most impacted by climate change and feature:
RMS has been modeling natural catastrophe risk for the insurance industry for more than 30 years and has been leading research into the impact of climate change on catastrophic losses since RMS’s involvement in the 2007 4th Intergovernmental Panel on Climate Change (IPCC) Assessment Report.
You can learn more about RMS Climate Change solutions here:
LONDON – 26 August, 2022 – AXA Climate, an entity of the AXA Group specializing in climate change adaptation, will include HWind analytics from RMS®, a Moody’s Analytics company and world-leading risk modeling and solutions company, as a trigger metric for its relevant parametric insurance policies. HWind produces real-time data sets for tropical cyclone events, allowing quick evaluation of hurricane trigger/payout conditions, which enables parametric policyholders to gain rapid access to capital following impactful events. RMS HWind solutions offer comprehensive coverage over the Western North Atlantic, Eastern Pacific, and Central Pacific basins. Using RMS HWind helps AXA Climate to be fully flexible as to how and where they structure parametric policies, allowing AXA Climate to reassure their clients that they will quickly receive the protection they paid for when damaging winds are present. Amaury Dufetel, Head of Insurance, AXA Climate, said: “As an Engaged Climate Insurer, we believe the preciseness of sophisticated real-time data is essential to improve the use and uptake of parametric insurance solutions. Data coming from independent reputable organizations like RMS HWind solutions, developed over more than 25 years by one of the world’s leading hurricane observation researchers, will allow us to structure innovative parametric covers and bring to our clients the best tailormade Tropical Cyclone coverage both in terms of price and claim settlement.” Charlotte Acton, Senior Director, RMS, added: “By working closely with AXA Climate, we have been able to help an important client develop innovative products that offer a competitive advantage and can help enable growth into new markets. Parametric insurance is another example of how the insurance industry can help build resilience into economies, which in turn helps reduce the protection gap. RMS remains committed to supporting insurance innovation, in our products, for our clients, and for their end users.” About AXA Climate AXA Climate is a Committed Climate Insurer: We integrate best-in-class climate expertise and data in all our products. We believe that from this decade onwards, only private and public actors committed to a sustainable transition will be insurable. Our mission is to reinvent the insurance business to support those engaged in sustainable transitions. We have developed a set of business lines around climate change: parametric insurance against climate risks, climate and nature consulting services, financing and climate training to engage all employees. We are a team of over 150 collaborators spread across the 5 continents, leveraging the entire AXA ecosystem. Visit https://www.climate.axa/ to learn more and follow us on LinkedIn.
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."
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.