Verisk has launched a new suite of over 100 new catastrophe risk models to support insurers and reinsurers in their evaluation of losses from extreme events.

Available on the cat risk management software platform, Touchstone, the newly released Next Generation Model provides state-of-the-art resources to boost the capability to assess and price intricate risk, and to fine-tune reinsurance tactics for risk transfer.

The revamped financial framework improves the ability to accommodate complex policy terms and model uncertainty, facilitated by streamlined exposure coding and more efficient workflows. The insights derived from these models supports making better-informed decisions and managing the risk inherent in portfolios.

“The release of NGM is the next step in our ongoing commitment to making societies more resilient and helping the insurance industry provide protection to their clients when they are impacted by the devastating impacts of natural catastrophes,” said Rob Newbold, president of Extreme Event Solutions at Verisk. “The insurance industry is evolving, creating new and innovative methods for writing policies in a more complex risk environment. By rebuilding the financial modelling framework that sits behind Verisk’s catastrophe models, we are providing the industry with more flexible and robust tools for underwriting, pricing new business, and managing portfolio risk. NGM will also serve as the basis for our cloud native platforms which will bring further improvements in both insurance and reinsurance workflows.”

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