Risk Management Solutions (RMS) announced the release today of its newest terrorism software models, which provide insurers and reinsurers with a worldwide view of such catastrophe risk accumulations.
The products are the Global Geocoding Platform and upgraded Global Terrorism Risk and Terrorism Scenario models.
Newark, Calif.-based RMS said its Version 5.0 of the RiskLink and RiskBrowser software platforms includes capabilities for capturing exposures in 228 countries, allowing users to identify and manage accumulations across multiple lines of business.
Geocoding, RMS said, has been expanded to over 150 countries, with street-level resolution across Western Europe and a combination of street address and building-level geocoding in the U.S.
RMS said its exposure accumulation functionality allows users to identify and quantify concentrations of property and human life exposures within a user-defined radius, along with assessing the implications for associated natural disaster and terrorism risk.
The RMS Terrorism Scenario Model has also been expanded to cover 228 countries, supporting the analysis of specific scenarios for virtually any location in the world, the company said.
According to RMS, its model allows users to estimate losses and casualties for multiple lines of business for 30 different attack scenarios, ranging from conventional bombs to chemical, biological, radiological and nuclear attacks.
Users of the model have the flexibility to select any location as a target for an attack, or use the patented RMS Spider algorithm to automatically scan global exposures to identify worst case attack locations for a given scenario, RMS said.
Companies using the RMS Global Terrorism Risk Model for pricing purposes can now consider the site-specific features of properties anywhere in the world and adjust modeled losses accordingly, the firm said.
It explained that users can take into account individual building characteristics such as construction type and height, as well as specific design elements such as setbacks that can mitigate attack damage.
Attack modes also can be tailored to match coverage exclusions or to reflect cases where a certain attack mode is not possible for a given structure.
"Our enhanced set of tools for global terrorism risk management reflects the reality that insurers and reinsurers are looking to develop even more detailed insights into the nature of the risk wherever in the world they choose to underwrite," said Peter Ulrich, managing director of enterprise risk management.
He added, "These tools mirror the global nature of terrorism risk and provide the means for insurers and reinsurers to get the most advanced insights available to improve underwriting and portfolio management around the globe."
Risk Management Solutions is a provider of products and services for catastrophe risk management.
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