RMS, the Newark, Calif.-based risk modeling and analytics firm, announced it has strengthened the Asia Pacific capabilities of its Version 18 catastrophe risk management software.
The Asia Pacific model suit is being expanded to include new peril models for India Flood, Philippines Typhoon and Flood, and South Korea Earthquake, RMS said in a statement.
Using the latest science, methodologies and analytics to support profitable portfolio growth, V18 provides “the latest modeling insights to drive growth across the varied markets of the Asia Pacific region, including flood, which is a leading cause of insured loss in countries such as India,” the company continued.
The newly launched peril models for Asia Pacific complement existing earthquake and typhoon models in these markets, providing a more holistic, market-focused solution, RMS affirmed.
V18 also includes updates to the Australia Earthquake and Australia Cyclone models, as well as to the India Earthquake model. India Flood covers the whole of India and includes tropical cyclone as well as pluvial and fluvial flooding. The Philippines model provides wind, storm surge and inland flood model considering tropical cyclone and non-cyclonic rain.
In addition, a Post Event Loss Amplification (PLA) capability has been added to new and updated models. PLA captures the potential for higher losses after severe events due to the impact of claims inflation, economic demand surge as well as super catastrophes.
“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,” said Mohsen Rahnama, chief risk modeling officer, RMS.
“Flooding is an international phenomenon and V18 offers customers a more granular view of this on a more global scale,” he 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.”
Looking beyond the Asia Pacific region, V18 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 U.S., as well as vulnerability updates across the U.S. and the Caribbean. The high-fidelity modeling tool, RiskAssessor, is being expanded to provide more accurate hurricane wind risk assessments in all regions of the North Atlantic Hurricane models.
Version 18 also contains expansions of the marine cargo and specie, builders risk, industrial facilities and terrorism capabilities; as well as the release of Industry Exposure Databases and Industry Loss Curves in peril regions affected by the release.
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