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 will be generally available in June for major perils including U.S. Flood, U.S. Wildfire, and Japan Typhoon (including tropical cyclone induced inland flood). 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:
NEWARK, CA – 17 May, 2022 – RMS®, a Moody's Analytics company and world-leading risk modeling and solutions company, announces it will be launching a new application, UnderwriteIQ™, hosted on the cloud-based RMS Intelligent Risk Platform™. UnderwriteIQ enables underwriters to have greater control of risks by bringing hazard, exposure, and loss data together in the underwriting process at the point of decision – all based on RMS model science and data. The new application will allow underwriters to price with confidence, enable consistent risk decisions, and improve operational efficiency. The application is hosted on the modular and unified RMS Intelligent Risk Platform (IRP). The platform provides proprietary and tertiary data analytics to rapidly generate high-resolution risk insights via applications that meet underwriting and portfolio management needs. Moe Khosravy, Executive Vice President, Software and Platform, RMS, said: “The growth in adoption of the RMS Intelligent Risk Platform has been phenomenal. A substantial number of clients are benefiting from the secure cloud-based platform that provides superior advanced analytics through a single holistic enterprise risk management system, without the hardware and software maintenance required for on-premise offerings. IRP easily integrates into existing systems and its modular design allows users to license and use only the required applications or APIs.” UnderwriteIQ is the latest addition to the RMS IQ application suite, which also includes TreatyIQ™ and ExposureIQ™. The TreatyIQ application allows users to rapidly design and analyze both simple and complex treaty program structures, as well as import and leverage any modeled loss data, adapted to a user’s view of risk. An intuitive, underwriter-centric user experience supports customized pricing and capital metrics and can display rapid roll-up results, with analytics on aggregate positions and the performance of risk capital. ExposureIQ allows users to manage both reinsurance and insurance accumulations within one application, building structures that represent their business hierarchies in an intuitive way. The application also provides near real-time catastrophe event visualization using a powerful mapping module that directly integrates RMS Event Response and RMS HWind data. ExposureIQ makes business-wide exposure management faster and more accurate, allowing for easy identification of the key drivers of accumulations and portfolio trends, and analysis of deterministic losses across any region in the world. Michael Steel, General Manager, RMS, concluded: “The RMS Intelligent Risk Platform has gone from strength to strength since it was launched in 2018, as can be seen by its adoption across the insurance market. Powered by RMS models, science, and technology, UnderwriteIQ is a welcome addition to the existing IQ applications suite, delivering business value, end-to-end consistency, and an improved client experience. RMS plans to always continue to invest in and deliver the technology, science, and solutions that help our clients make better risk decisions.”
NEWARK, CA – April 19, 2022 – RMS®, a world-leading risk modeling and solutions company, today announced that Michael Steel has been appointed to its top leadership position of General Manager. Steel succeeds Karen White, who has recently stepped down following the completion of the Moody’s acquisition. With more than 30 years of experience in risk and capital management gained in the insurance industry, Steel most recently served as Global Head of Business Development at RMS and has been at the company since 2016. Steel will work directly with Steve Tulenko, President of Moody’s Analytics, along with the Moody’s and RMS senior management teams to ensure RMS continues its mission and vision. “I’m honored to have this opportunity at RMS, and excited to achieve our vision to ‘make every risk known’ to help our customers make better decisions and be more resilient,” said Steel. “Together with Moody’s, our focus is to deliver Moody’s broader set of data and analytics to the insurance sector, expand our core offerings beyond the insurance sector, and accelerate the development of global integrated risk capabilities to address the next generation of risk assessment.” Prior to RMS, Steel served as the Group Chief Risk Officer at AXIS Capital, following a career in reinsurance broking, including 12 years at Benfield (later Aon Benfield and now Aon Reinsurance Solutions). In addition to his role with RMS, he serves as an Independent Non-Executive Director on the board of Allianz Re Dublin dac. Previously, Steel served as an Independent Non-Executive Director on the board of Berkshire Hathaway’s international business, as an Appointed Director on the Casualty Actuarial Society, and as Chairman of the Geneva Association’s CRO Network. He holds a bachelor’s degree with honors in statistics and mathematics from Brunel University.
NEWARK, CA – March 21, 2022 – RMS®, a world leading risk modeling and solutions company, has joined the Global Earthquake Model (GEM) Foundation, an international public-private partnership that develops and disseminates open-source earthquake hazard and risk assessment software, models and data. The GEM Foundation collaborates worldwide, building local and organizational capacity toward understanding and managing earthquake risk on a local to global scale. The combination of RMS’ latest scientific research and applications, and comprehensive coverage of seismically active regions across the globe; and GEM’s array of open earthquake hazard and risk models and OpenQuake software tools will further enable insurers, reinsurers, financial services organizations, and the public sector with the most informed view of earthquake risk available today. In the last 12 years, GEM has contributed substantially to the broader objectives of the disaster risk reduction community through public-private partnership, research, technical cooperation, training and distribution of open tools that have been used to build a global mosaic of earthquake hazard models and to develop a global risk model centered on the physical and financial risk to the built environment and human population. John Schneider, GEM Secretary General, said: “GEM has become widely known for its work and its contribution to improving the state of knowledge of earthquake risk. Working with RMS to advance earthquake science and open data can further strengthen our scientific insights and commitment to understand, evaluate, and manage earthquake risk especially in underserved regions of the world.” Mohsen Rahnama, Chief Risk Modeling Officer, RMS, said: “RMS started at Stanford University by developing earthquake models for California. The science around earthquakes continues to grow and develop, as does the technology that helps support even greater analysis and understanding of these catastrophic events. RMS has long admired the work of GEM and we are pleased to now be part of this prestigious foundation. We look forward to working with the other members of GEM as we move towards advancing global earthquake understanding and knowledge.” About GEM Foundation GEM was formed in 2009 as a non-profit foundation in Pavia, Italy, funded through a public-private sponsorship with the vision to create a world that is resilient to earthquakes. GEM is funded by public and private institutions globally, and is advised by many international organizations (https://www.globalquakemodel.org/partners). GEM is also recognized by the UN as an NGO, operating under UN guidelines for a humanitarian organization. Through global partnerships, GEM’s mission is to: Continue to be the world’s official, most complete source of earthquake risk resources and a globally accepted standard for risk assessment; Ensure that GEM products find application in catastrophe risk management worldwide; Become a global leader in integrated, multi-hazard risk assessment and resilience planning