Newark, Calif.-based Risk Management Solutions (RMS) has launched an initiative to keep businesses informed of the impact of catastrophic events by making its expert analysis publicly available on its Web site. The RMS Cat Updates service, which has provided the insurance industry with damage summaries and loss reports following significant natural or man-made catastrophes, is now accessible at www.rms.com/Catastrophe/Catupdates.
“Historically our business has focused on the insurance market, but we believe other industries affected by catastrophic events can also benefit from our timely analysis,” said Neena Saith, catastrophe response manager for RMS. “The service is a one-stop shop for scientific analyses, and damage reports, and will also benefit those serving humanitarian needs. By offering public access to our Cat Updates, we can provide guidance to any impacted industry, from energy companies with operations in hurricane-stricken areas to traders concerned about an event’s likely effect on food prices.”
As well as publishing regular catastrophe updates, RMS is introducing an enhanced suite of tools that provides real-time scientific information prior to, during, and after major events to promote effective response to global disasters.
Subscribers to the Enhanced Catastrophe Response Service can access reports on the estimated insured losses from a catastrophe, delivered within 48 hours of an event, as well as detailed information on the main drivers of loss. Organizations with large property portfolios, such as multinational companies or investors in mortgage-backed securities, can also identify their exposure at risk through analysis based on aerial, satellite, and radar data collated by RMS after major events.
For organizations that need to gauge potential losses prior to a hurricane landfall, RMS’ automatic, web-based service called RiskOnline tracks the progress of active hurricanes and analyzes losses as storms approach land. Every six hours, following each National Hurricane Center advisory, RiskOnline automatically updates the likely U.S. insurance industry losses and the impact on subscribers’ portfolios. Additionally, through RMS’ Rapid Response Analysis Service, companies can submit their data for preparation and analysis prior to major events and receive a report of their portfolio losses shortly afterwards.
“Responding quickly and efficiently after major catastrophes is crucial for any business with assets at risk,” Saith said.
For information on Enhanced Catastrophe Response, visit http://www.rms.com/Publications/Effective_Cat_Response.pdf..
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