RMS debuted the newest iteration of its signature catastrophe risk management software. Liberty Mutual’s National Insurance Property unit increased its per-risk capacity to help property owners and their brokers better manage midsize and large risks. JLT Re formed a partnership with CyberCube, a cyber risk modeling platform.
Catastrophe modeler RMS released the latest iteration – Version 18 – of its catastrophe risk management software.
According to RMS, V18 expands its clients’ global capabilities and brings to light new opportunities using the latest science, innovative methodologies and analytics to support profitable portfolio growth. Specifically, V18 provides the latest modeling insights to drive growth across the varied markets of the Asia Pacific region, including flood, which is a leading cause of insured loss in countries such as India.
The Asia Pacific model suite is being expanded to include new peril models for India Flood, Philippines Typhoon and Flood, and South Korea Earthquake. These newly launched peril models complement existing earthquake and typhoon models in these markets, providing a more holistic, market-focused option.
Expanding this regional focus, V18 also includes important updates to the Australia Earthquake and Australia Cyclone models, as well as to the India Earthquake model.
Looking beyond the Asia Pacific region, V18 expands the North Atlantic Hurricane model to cover the risk from hurricanes in the East Pacific basin. It also features storm surge updates in the U.S., as well as vulnerability updates across the U.S. and the Caribbean. As well, RMS said it is expanding its RiskAssessor high-fidelity modeling tool to provide more accurate hurricane wind risk assessments in all regions of the North Atlantic Hurricane models.
Liberty Mutual’s National Insurance Property unit increased its per-risk capacity to $800 million from $600 million to help property owners and their brokers better manage midsize and large risks.
According to Gregg Cunningham, general manager, National Insurance Property, the enhancement follows three new property forms introduced over the last 18 months.
The unit offers property as part of a single-carrier, shared and layered or an all-lines product; monoline equipment breakdown; and inland marine.
Liberty Mutual is headquartered in Boston with operations in 30 countries and economies around the world. It offers a number of insurance products and services including personal automobile, homeowners, commercial multiperil, property, general liability, commercial automobile, surety, workers compensation, specialty lines and reinsurance.
JLT Re has formed a partnership with CyberCube, the cyber risk modeling platform.
JLT Re, a London-based reinsurance broker and consultancy, said that its existing cyber and enterprise modeling tools, combined with CyberCube, will provide unique insights to help clients manage and measure cyber risk and exposure.
CyberCube’s analytics, including fully probabilistic capabilities and a wide range of possible loss scenarios, will beef up JLT Re’s offering to its clients, providing them with the nformation they need to manage their cyber strategy, the broker said.
With access to unique data sources including Symantec’s security telemetry, CyberCube is able to support JLT Re in delivering sophisticated modelling capabilities for their clients.
Sources: RMS, Liberty Mutual, JLT Re