New catastrophe risk tool designed to customize modeling

Aon Benfield recently launched a loss calculation platform that aims to help insurance companies better understand risk and vulnerability based on their actual loss experience and current portfolio of business.

ELEMENTS 7, a tool designed by Impact Forecasting, gives insurers access to 30 catastrophe models spanning over 20 territories and six key perils. Aon Benfield noted that the features of the new platform were developed “in response to a growing desire for transparency within catastrophe risk assessment, including improved understanding of non-modelled perils and the proposed Solvency II regulations in the European Union.”

The three key benefits of the loss calculation program are transparency, customization and flexibility in helping insurers assess reinsurance buying strategies, according to Aon Benfield.

 “Catastrophe modelling platforms of the 21st century are rapidly evolving,” said Steve Jakubowski, president of Impact Forecasting, the catastrophe modelling arm of Aon Benfield. “In particular, the open-box feature of ELEMENTS 7 is fundamental for insurers to both fully understand the modelling process and modify the parts they wish to make more relevant to their own needs.”