RMS moves climate risk models to HD

Risk modelling solutions firm RMS has announced four new high definition models, including Europe Windstorm, North America Winterstorm, North America Severe Convective Storm, and Terrorism.

The company says that the new models provide a high-fidelity, simulation-based framework for modelling event frequency and severity, allowing for event footprints to be represented more realistically across larger event sets.

The new Europe Windstorm HD model enhances the current model and will cover 17 countries, adding Finland and Lichtenstein. It includes a climate variability view and has expanded storm surge analytics to include the UK, Ireland, France, and Belgium. Storm clustering will be modelled natively within the HD framework, together with an option to run the model without clustering. Industrial facilities, builders’ risk, and marine cargo will also all be covered.

The planned availability for the RMS Terrorism HD Model will be in 2022, Europe Windstorm HD Model in 2023, and North America Winterstorm and North America Severe Convective Storm in 2024.

Julie Serakos, senior vice president of model production management, RMS, said: “The RMS High Definition Models are delivering a step-change in risk analysis across the insurance industry. These model announcements build on Moody’s continued commitment to bringing reliable and precise analytics to the modellers, underwriters, the C-suite, and across the industry. RMS has always invested in leading science and technology to ensure that clients have some of the best information available to help them with their risk decisions.”

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