Aon Benfield, the global reinsurance intermediary, issued a call to the insurance industry to “collaborate to innovate, in order to obtain the most useful risk management insights from catastrophe models.”
The call coincides with today’s launch of version 9.5 of Elements, Impact Forecasting’s loss calculation platform. The firm is highlighting how working with third parties can bring new opportunities. These include running third party models in Elements or using the platform to run models in various third party formats.
Aon Benfield gave the following examples of how the platform may be used:
• Ambiental has made available its new Australia FloodCat probabilistic model via Elements. This enables insurers and reinsurers to quantify previously non-modelled flood risk in Australia in an established environment of Elements, minimizing the need to learn and manage a new platform.
• Elements 9.5 is able to run models in the Oasis pre-calculated format for hazard and vulnerability. By embracing the use of the Oasis format, Impact Forecasting is enabling model developers to deploy their models in a full production environment.
Adam Podlaha, global head of Impact Forecasting, said the Elements platform “helps to mitigate the need for insurers to install and learn new systems when looking to implement new models.”
Justin Butler, founder and CEO of Ambiental, said the platform’s back testing capabilities allow insurers to be confident in their underwriting and capital allocation decisions.
The following new catastrophe models are now available in the latest version of Elements:
- Updated U.S. riverine flood
- Updated severe thunderstorm model, addition of RePlay for 10 years of U.S. thunderstorm data
- New Arabian Peninsula earthquake
- Updated Greece and Cyprus earthquake
- Asia Realistic Disaster Scenarios for earthquake (Thailand, Indonesia, Philippines) and flood (China, Vietnam)
Source: Aon Benfield/Impact Forecasting
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