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Impact Forecasting calls for more industry-wide catastrophe modelling initiatives


July 6, 2015   by Canadian Underwriter


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The insurance industry can gain the most useful risk management insights from catastrophe models by collaborating to innovate, suggests Aon Benfield.

Working with third parties can bring new opportunities, Aon Benfield, the global reinsurance intermediary and capital advisor of Aon plc, suggests in a statement Monday announcing the availability of the ELEMENTS 9.5 platform, Impact Forecasting’s loss calculation platform.

These opportunities “include running third-party models in ELEMENTS or using the platform to run models in various third party formats,” Aon Benfield reports.

Aon plc’s reinsurance arm announced Elements 9.5, a loss calculation product

Specifically, the company points out that Ambiental has made available its new Australia FloodCat probabilistic model via ELEMENTS (enabling insurers and reinsurers to quantify previously non-modelled flood risk in Australia in an established environment of ELEMENTS) and ELEMENTS 9.5 is able to run models in the Oasis pre-calculated format for hazard and vulnerability (enabling model developers to deploy their models in a full production environment).

In addition, the new version of the platform also includes the following new catastrophe models: updated U.S. riverine flood; updated severe thunderstorm model; new Arabian Peninsula earthquake; updated Greece and Cyprus earthquake; and Asia Realistic Disaster Scenarios for earthquake (Thailand, Indonesia, Philippines) and flood (China, Vietnam).

“We are committed to exploring ways to make the most of catastrophe models by working together as an industry,” Adam Podlaha, global head of Impact Forecasting, says in the statement. “The open and customizable ELEMENTS platform helps to mitigate the need for insurers to install and learn new systems when looking to implement new models,” Podlaha adds.


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