LONDON – July 26, 2023 – Korean Re and Moody’s RMS, the leading global catastrophe risk modeling and solutions company, has announced a new agreement to license Moody’s RMS Europe Inland Flood HD Models and Europe Severe Convective Storm (SCS) HD Models using the Risk Modeler™ application, plus the Europe Windstorm Model and earthquake models for Europe, Korea, China, Taiwan, and Israel.
As Korean Re continues to grow both domestically and internationally, this agreement enhances Korean Re’s risk analysis capabilities to help increase the support it can provide to clients with global risk portfolios.
Commenting on the announcement, Korean Re said: “Korean Re is the country’s leading reinsurer and a significant reinsurer across Asia, with a total of 12 global offices including four subsidiaries, four branches, and four liaison offices. Korean Re not only deals with the more traditional lines of reinsurance, including property, engineering, marine, casualty, motor, life, and health but also offers non-traditional reinsurance solutions.”
“Korean Re started operations in 1963, and 2023 marks the sixtieth anniversary of the business. After six successful decades, we begin a new chapter in our corporate history to challenge ourselves and change the world by constantly seeking internal innovation in a manner that increases our positive impact on the world around us.”
Dr. Chun Baek, the head of Catastrophe Analytics at Korean Re, commented: “It is expected that providing wider insights into risk analysis and decision making against recent changes in natural catastrophe will be available by working with Moody's RMS models.”
Andrew Hare, Managing Director, Moody’s RMS said: “Korea is an exciting and important country market for us, and we are delighted to be working with Korean Re as they continue to grow and enhance the services and support that they can offer for all their clients. As the nature and interconnectivity of risk have grown increasingly complex, it is important that companies can utilize leading science and technology to better understand and decode their risks and portfolios.”