Risk Management Solutions (RMS) announced that Lloyd’s has licensed the RiskLink catastrophe modeling software which will be used by the Loss Modeling team. This license agreement is a testament to the continuing adoption and use of models for corporate governance and capital management in the insurance industry. RMS has relationships with 18 of the 20 largest Lloyd’s managing agents. In total, RMS modeling software is used by 25 of Lloyd’s managing agents representing over 80 percent of the total Lloyd’s market capacity.
“Licensing RMS catastrophe models is an important step in developing a more probabilistic view of Lloyd’s risk to natural hazards,” said Paul Nunn, manager of Lloyd’s Loss Modeling Unit. “Additionally, we will use RiskLink output to continue our development of Realistic Disaster Scenario requirements and to monitor catastrophe events as they occur.”
“Recent events have highlighted the importance of catastrophe modeling within a rigorous risk management program,” added Jason Futers, director of the London Market Industry Practice at RMS. “The Lloyd’s market has been at the forefront of applying catastrophe models both for underwriting and internal risk management purposes, and we look forward to continuing our collaboration as catastrophe modeling is applied to an ever-broadening scope of risk management issues.”
Topics Catastrophe Excess Surplus Lloyd's
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