RMS Expands CAT Modeling Territory
NU Online News Service, Aug. 23, 3:47 p.m. EST?Risk Management Solutions of Newark, Calif. said it has expanded some of its natural catastrophe modeling to cover events in four additional countries.
The company said its modeling now includes windstorm risk in Ireland and Sweden, and earthquake risk in Turkey and the Philippines.
RMS said the expansion brings the total number of territories in its suite of detailed risk models to more than 50.
The expanded windstorm model also covers Belgium, Denmark, France, Germany, Luxembourg, the Netherlands, and the United Kingdom.
RMS said lessons learned from the catastrophic windstorms of 1999, including Windstorm Anatol, are incorporated in the new risk models.
Users are able to quantify both domestic insured losses and the correlation of loss with other modeled countries. The latest release also incorporates the most recent economic statistics, reflecting recent changes in the insurance market, RMS said.
The new RMS model for Turkey reflects the latest research and uses advanced techniques such as time-dependent event recurrence, multiple-segment fault rupture, and earthquake stress transfer to estimate probability and severity of potential earthquakes, RMS said.
The company said its Philippines earthquake model incorporates recent research in seismic hazard modeling throughout the country. In addition, the model includes high-resolution geotechnical maps for the Metro Manila area, and geotechnical data at the city or municipality level for the rest of the country.
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