Newark, California-based Risk Management Solutions has released “two comprehensive data products designed to quantify the risks associated with European windstorms.”
The heavy losses, $14.4 billion ($7.8 billion insured), caused by the storms Lothar and Martin at the end of 1999 took risk managers by surprise, and exposed “the current lack of reliable and constant exposure data in Europe,” said RMS.
The new models are designed as a response to the “demand by risk transfer participants within the European marketplace for an ideal method of assessing and managing risk exposure,” stated Matthew Grant, RMS Int’l. VP.
“The data provides critical information for the needs of insurers, reinsurers, brokers, and other risk transfer participants managing European insurance risk,” said the announcement. It covers Belgium, Denmark, France, Germany, Luxembourg, the Netherlands and the U.K.
RMS said the two products were: IED, the windstorm Industry Exposure Data, which “contains a complete representation of insured property exposures in Western Europe;” and ICL, Industry Loss Curves which models “industry loss estimates based on the exposure data.”
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