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What is Catastrophe Risk?
Over the last decade catastrophe modeling technology
has become a vital tool for quantifying, managing, and transferring risk
in the insurance industry. In a sector where financial stability is the
hallmark of leading firms, the need for complete portfolio management of
natural hazard risks was highlighted time and again by major
catastrophes. Hurricane Andrew in Florida, the Kobe Earthquake in Japan,
the Northridge Earthquake in California, and Windstorms Lothar and
Martin in Europe, all served as reminders to insurance markets that
catastrophe risk should be proactively underwritten and managed.
Any company with financial assets exposed to
catastrophes can benefit from catastrophe modeling. Insurers,
reinsurers, brokers, financial markets, and corporations have all
recognized the need to synthesize available scientific research with
quantitative techniques to evaluate the probability of financial loss.
RMS catastrophe models accomplish this objective.
RMS pioneered the development of catastrophe models
for insurance markets in the late 1980s, focusing on event-specific
probabilistic modeling to quantify risk for individual locations and for
portfolios of aggregate risk. Today, RMS provides catastrophe modeling
solutions to more companies than any other organization.
Risk Models
RMS models are the standard for
quantifying catastrophe risk in countries all over the world. RMS offers
catastrophe models in over 40 countries, allowing underwriters to
confidently price risk and analyze the probability of loss in regions
with the highest exposure.
Software RMS software
products provide the user interface and desktop analysis capabilities to
meet the needs of catastrophe managers and analysts in insurance
markets. Companies use our software tools to capture exposure data,
analyze risk for individual accounts or portfolios, monitor risk
aggregates, and set business strategy.
E-Solutions
RMS
E-Solutions deliver risk information over the Internet to improve
convenience and efficiency for users. Examples include real-time
catastrophe monitoring systems and centralized property risk databases
that are maintained by RMS for instant access by clients worldwide.
Consulting
RMS risk and technology consulting services provide
clients with customized solutions and expanded consulting resources to
meet specific business objectives. Our consultants leverage company-wide
resources to structure and manage projects that complement our
catastrophe product offerings. |
