RMS released a global tsunami scenario catalog to help insurers and reinsurers assess risks in high exposure regions they cover.
The catastrophe modeling firm touted the catalog as the first of its kind in the insurance industry. RMS is targeting both insurers and reinsurers who write business along susceptible coastlines. They would theoretically use the catalog to help support pricing, underwriting and money they set aside for tsunami risk.
Among the product’s features: potential tsunami scenarios not within the historical record, along with those based on major, previous tsunami events. There’s also close to 30-high-resolution tsunami inundation footprints generated from magnitude 8.9 to 9.6 mega-thrust earthquakes on subduction zone plate boundaries worldwide.
RMS said its tsunami catalog takes into consideration the entire tsunami lifecycle, from initial wave generation, to deep ocean wave generation and coastal inundation. RMS said it validated its modeling approach in both near-field and far-field experiments, using tsunami water heights of five of the six largest magnitude earthquakes since 1900.