RMS unveiled a new catastrophe model designed to address earthquake and tsunami risks in Japan. Marsh and Validus Specialty launched a new insurance product designed to manage U.S.-based fintech companies’ growing risks.
RMS released its new Japan Earthquake and Tsunami High Definition (HD) model.
The catastrophe modeling and analytics firm said it collaborated with local experts, scientific agencies and insurers to develop a more complete and detailed representation of earthquake and tsunami risk in Japan. The new model incorporates key research advancements from the 2017 Japan Seismic Hazard Maps, as well as lessons learned from the 2011 Tohoku Earthquake and the 2016 Kumamoto Earthquakes.
Leveraging detailed damage statistics and claims data from recent events, the new model assesses building performance due to ground shaking, tsunami inundation, fire following earthquake, liquefaction and landslides. These are all considered in terms of losses for buildings, contents, business interruption, industrial facilities and builders risk. The new model includes explicit modeling of post-event loss amplification.
Marsh, an insurance broker and risk management consultant, joined with Validus Specialty to launch a new insurance product designed to manage U.S.-based fintech companies’ growing risks.
FINTECH Protect is pitched as an efficient, cost-effective financial and professional insurance coverage option.
FINTECH Protect simplifies the coverage process for new fintech companies by offering comprehensive financial protection against management, professional, employment and cyber liability risks, and broad coverage for direct losses associated with theft, computer crime, extortion, data breach and technology failure, in one simple solution.
Coverage is available to privately held firms operating in the established and emerging fintech space, including those backed by venture capital and private equity funds, with up to $10 million in primary, blended limits and excess capacity available.
Sources: RMS, Marsh