Risk modelling and analytics firm RMS has released version 18 of its catastrophe risk management software, featuring expanded capabilities for the Asia-Pacific region.
According to RMS, the new version strengthens its global capabilities and brings to light new opportunities using the latest science, innovative methodologies, and analytics to support profitable portfolio growth. It also provides the latest modelling insights for various risks, including flood, which is a leading cause of insured loss in many Asia-Pacific markets.
Among the new peril models added are flood for India, typhoon and flood for the Philippines, and earthquake for South Korea. RMS has also added Post-event Loss Amplification (PLA), which captures the potential for losses after severe events to be higher due to the impact of claims inflation, economic demand surge, and super catastrophes, to all new and updated models.
Outside of Asia-Pacific, version 18 expands the North Atlantic Hurricane model to cover the risk from hurricanes in the East Pacific basin. It also features storm surge updates in the US, as well as vulnerability updates across the US and the Caribbean.
“Asia Pacific has always been important to us,” said Mohsen Rahnama, chief risk modelling officer at RMS. “The inclusion of new models for the region, including Philippines typhoon, India flood and South Korea earthquake should help enhance the opportunities for established operators and new entrants to better understand the potential for risk, and for growth, in these important markets.
“Flooding is an international phenomenon and V18 offers customers a more granular view of this on a more global scale,” Rahnama added. “Updates can take many years in development, however, it is timely that the Australia earthquake and cyclone updates come just after we opened our Australia office last year. With the release of version 18 we are confident that we are continuing to deliver the high standard of accurate information and analysis that our clients know and expect from RMS.”