RMS and a group of actuarial societies each rolled out new products designed to respectively help measure risks related to earthquake and weather events.
In RMS’s case, the catastrophe modeling firm gained regulatory approval in Peru to start marketing its earthquake model for the South American country.
RMS said the modeling services will be offered to national and global insurance companies writing earthquake risk in Peru. Firms can use the regulator-approved models for managing Peru risk to satisfy their probable maximum loss calculations and model-based capital regulatory requirements.
The RMS Peru Earthquake Model is one of eight in its roster of South America Earthquake models.
The Casualty Actuarial Society and other groups, meanwhile, announced the launch of the Actuaries Climate Index, which is billed as an educational tool that helps give actuaries information on climate trends and their potential impact.
According to the announcement, the index is based on an analysis of quarterly seasonal data for six different index components collected from 1961 to winter 2016, compared to the 30-year reference period of 1961 to 1990. The Actuaries Climate Index looks at the continental United States and Canada, placed into 12 different regions.
The Climate Change Committee developed the Actuaries Climate Index. It is a joint effort that includes the Casualty Actuarial Society, the Society of Actuaries, the Canadian Institute of Actuaries and the American Academy of Actuaries.
Sources: RMS, Casualty Actuarial Society