EQECAT Releases New Catastrophe Modeling Software

Oakland-based EQECAT Inc. announced the release of “WORLDCATenterprise (TM) 3.0,” new catastrophe management modeling software, covering risks in 88 different countries.

The company described the new software as enabling “property insurers and reinsurers to underwrite and manage accumulations for global catastrophe exposure using a single product platform.”

Catastrophe modeling has become an essential tool for primary insurers and reinsurers in assessing their risks, and adjusting their portfolios. The models themselves are are becoming increasingly sophisticated and complex, as more and more information is required to adequately evaluate the risk/cost of insurance coverage.

EQECAT’s new software offers workflow speed and simplicity. It has “innovated ways for users to quickly and easily import submission data for analysis, whether aggregated sums insured or detailed site level data in spreadsheets or text files,” said the announcement. It went on to describe WORLDCATenterprise(TM) as including “embedded pricing and optimization tools designed to help underwriters quickly quantify both CAT load loss cost and risk volatility and to determine if the risk fits well into the existing portfolio from a capacity utilization perspective.”

“We believe that WORLDCATenterprise(TM) is the only product that can analyze both aggregate and site-specific data for primary and reinsurance applications using the same product platform for 88 countries,” stated Tom Larsen, senior vice president and product manager for EQECAT. “This means lower costs. Insurers can greatly benefit from using a single interface to underwrite Treaties, Facultative Certificates, Excess and Primary residential or commercial policies worldwide.”

Further information can be obtained as follows:
EQECAT in the U.S. at 510/817-3101
In Europe, contact the U.K. office at 44 (0)207 377 4583;
By e-mail, eqecat@absconsulting.com.

Topics Catastrophe