EQECAT deal with RMS aims to improve translation of exposures between different cat models

EQECAT Inc. announced Thursday it has “finalized an agreement to share exposure data schemas” with Newark, Calif.-based Risk Management Solutions Inc.

Oakland, Calif.-based EQECAT’s catastrophe modeling software is designed to quantify risk from events such as earthquakes, hurricanes, floods, tornados, hailstorms and brushfires.

RMS provides software, services and consulting to quantify and manage catastrophe risk. Earlier this month it announced RMS(one), which is designed to let companies use catastrophe models from RMS and other vendors in one system.

The agreement EQECAT announced Thursday with RMS “does not include nor does it impose any restrictions on the operationalization of results data to or from either EQECAT or RMS platforms,” EQECAT stated.

EQECAT president Paul Little stated the agreement “will improve the translation of data model inputs” by helping users save time in moving and translating exposures between catastrophe models.

“As underwriting becomes more complex and nuanced, a challenge has arisen for some companies who use multiple models, each of which comes with its own proprietary data schema,” EQECAT stated.