EigenRisk has launched a new version of its catastrophe risk management platform that integrates traditional catastrophe modeling capabilities with climate change impact analysis.
The upgraded capability provides access to new tools and resources that enable insurers, reinsurers and risk managers to adjust their catastrophe underwriting, risk and response planning for the impact of climate change.
“With catastrophic weather events becoming more frequent and severe in recent years, property insurers, reinsurers and risk management executives need new solutions to help them plan for, manage and respond to an evolving global risk environment,” said Deepak Badoni, president, EigenRisk. “By using a combination of traditional models and climate change impact assessment tools, they will be able to understand and manage potential exposures faster and more effectively.”
According to EigenRisk, traditional catastrophe models, which have been widely used for more than three decades, typically focus on shorter (typically one-year) time horizons and are primarily targeted to insurance pricing and annual exposure modeling. While their output has become increasingly granular, their results are driven by historical frequency and severity experience which has become less reliable.
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