RMS Releases Third Generation Of Its Japan Earthquake Catastrophe Model
New Model Introduced with Version 5.1 of the RiskLink and RiskBrowser Software Systems
Newark, CA - Risk Management Solutions (RMS), a provider of products and services for the management of catastrophe risk, announced the release of RiskLink and RiskBrowser 5.1, the latest version of its industry-leading catastrophe modeling systems. The new version includes a full upgrade of the RMS Japan Earthquake model, incorporating state-of-the-art earthquake modeling methodologies and the latest research on earthquake hazards in Japan. It is the first catastrophe model to incorporate research from the Japan National Seismic Hazard Maps, published in March, 2005.
"Our new Japan Earthquake model allows insurers to more accurately model the vulnerability of individual locations to earthquake hazard in Japan and more successfully manage their entire portfolio," said Craig Van Anne, CEO, OYORMS. "Working with our partner in Japan, OYO Corporation, each component of the model - from the earthquake hazard data to the quantification of financial loss - has been updated using the latest scientific and market research."
The new model assesses seismic risk for all islands of Japan, including Hokkaido, Honshu, Shikoku, Kyushu and Okinawa, as well as the Bonin Islands. It is RMS' latest model to implement third generation earthquake risk analysis techniques, including the company's variable resolution grid (VRG) technology for geographic hazard analysis and use of spectral response for modeling ground motion and building damage. Enhanced financial modeling capabilities to model complex (or multiple) step policies have been added to provide consistency with the natural peril insurance coverage offered in the Japanese market. In addition, the 2005 Japan Industry Exposure Database (IED) was rebuilt with particular focus on the commercial and industrial lines of business, providing insured value estimates for typhoon coverage, earthquake shake and fire following earthquake coverage, and Earthquake Fire Expenses Insurance (EFEI) specific to the Japanese market.
Risklink and RiskBrowser 5.1 also feature updates to U.S. models for workers compensation and terrorism risk. Workers compensation cost severities have been updated to support loss estimation of U.S. workers compensation exposure through 2006. In addition, target databases and scenario footprints in RiskLink and RiskBrowser have been updated to reflect the latest analysis of terrorism risk in the U.S., consistent with version 2.4 of the RMS® U.S. Probabilistic Terrorism Model.
International Geocoding has also been expanded for the latest version. High resolution (street level) geocoding capabilities have been added for Hong Kong and Singapore, and geocoding has been added for an additional thirty countries.
SOURCE: Risk Management Solutions