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Welcome to the October 2015 issue of RMSConnect.
Here's what's happening:
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RMS Perspectives
Risk is Opportunity
Blog Insights
RMS Resources: Managing Flood Risks
Resources, Documentation, and Briefings
RiskLink 15.0 Resources
Horizons Windstorm and Storm Surge Special Volume
Global Tsunami Scenario Catalog
Japan Typhoon HD Model: Pre-Release Materials
U.S. Enhanced FEMA Flood Zone Data Update
Europe Windstorm Models and RiskLink 16.0 Update
RMS News, Events and Engagements
In the News
Speaking Engagements
Upcoming Industry Events
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RMS Perspectives
Risk is Opportunity: An Industry Call to Action
CEO and Co-Founder Hemant Shah
In the decade to come, what will the industry remember most about the last few years? Will we look back at this era of rapid economic change and see a time when the industry innovated to increase its relevance? Or will we see an inflection point when the industry failed to keep up and slid into decline? I believe the global P&C industry has an opportunity to more than triple its value—but this will only be realized by accelerating innovation in all aspects of the industry. Read Hemant’s full article in Reactions CEO Risk Forum Report.
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Blog Insights
- Each year, the (re)insurance industry meets at the Rendezvous in Monte Carlo to discuss pressing issues facing the market. Read RMS CEO and Co-Founder Hemant Shah’s take on what’s top of mind for clients and partners.
- In light of the recent Mw8.3 Chile earthquake and subsequent tsunami, Markus Moravek, Senior Manager, Model Product Strategy, examines how understanding economic and insured losses caused by tsunamis helps communities and industries be prepared.
- Weimeng Yeo, Principal Modeler, evaluates the increased risk of the Islamic State carrying out a successful large-scale attack in his latest blog post.
- Citing the 1999 Athens earthquake that caused losses of $3.5 billion, Callum Higgins, Analyst, Model Product Strategy, discusses imperatives to effectively model earthquake risk for more accurate underwriting decisions.
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RMS Resources: Managing Flood Risks
For compelling insights to better understand and manage the broad scope of flood hazards, check out our latest webcasts, research and insights:
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Risk on the Rise: Managing Inland Flood Risk
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The Big Picture on Flood Modeling
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Understanding and Managing Coastal Flood Risk
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Coastal Flood Risk: Lessons From Hurricane Katrina
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Resources, Documentation, and Briefings
RiskLink 15.0 Resources
Please visit and bookmark the version 15.0 resources page for continual updates and new information about available or upcoming resources.
Horizons Windstorm and Storm Surge Special Volume
The new edition of Horizons, the RMS Model Development Research Review, contains more than 15 articles focused on RMS windstorm and storm surge research and development, with insights into the future of high-definition RMS windstorm models. See the latest issue on Owl.
Global Tsunami Scenario Catalog
Last month’s Mw8.3 earthquake offshore of central Chile served as a reminder that many coastal regions are exposed to earthquake and subsequent tsunami hazard. The RMS Global Tsunami Scenario Catalog includes approximately 30 historic and future high-magnitude tsunami scenarios, including the Peru-Chile trench, enabling clients to explore the severity and extent of potential events. Read the executive brief on Owl.
Japan Typhoon HD Model: Pre-Release Materials
In 2016 RMS will release a new Japan Typhoon HD Model based on an HD ground-up simulation framework. It will update all aspects of RMS typhoon modeling in the region, including a basin-wide stochastic track module, rebuilt hazard module, vulnerability curves and regions, and business interruption. The release also adds new models that assess typhoon-driven inland flooding and storm surge, and introduces ground-up and temporal simulations of location-level losses. This enhanced HD financial model will handle time-based policy conditions as they occur. Read the executive brief on Owl.
U.S. Enhanced FEMA Flood Zone Data Update
The third quarterly update to the 2015 RMS U.S. Enhanced FEMA Flood Zone Data (2015 Package 3) will be available October 16. This update reflects the April 2015 to June 2015 changes made to the FEMA Flood Insurance Rate Maps, in addition to revisions made from October 2014 to March 2015, which were included in 2015 Package 2.
Clients who license data in RiskBrowser Online will automatically receive this update on October 16. RiskLink and RiskBrowser clients who license RMS U.S. Enhanced FEMA Flood Zone Data can download the updates via secure access links on Owl beginning October 16.
Europe Windstorm Models and RiskLink 16.0 Update
Clustering is a major source of uncertainty in modeling insurance risk from Europe windstorms. RMS is focused on researching the impact of clustering and how best to model this challenging risk. As noted in the executive brief on Owl, RMS plans to release a new, clustered view in RiskLink 16.0. This new view will be available in January already, for early access on request, to clients licensing the RMS Europe Windstorm Models.
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RMS News, Events and Engagements
In the News
Julia Hall, Senior Consultant, Professional Services, explored how governments can leverage probabilistic modeling to measure and monitor disaster risks over time in Significance magazine.
Matt Nielsen, Senior Director of Global Governmental and Regulatory Affairs, wrote about flood risk in drought-ridden California as a potentially wet winter approaches for Risk and Insurance.
RMS developed a forward-looking analysis of storm surge risk in six U.S. coastal cities and Dr. Robert Muir-Wood, Chief Research Officer, discussed the details with Time magazine, Politico, Insurance Journal, and Commercial Risk Europe.
In a series of collaborations, RMS provided the risk analysis for the Bosphorous Ltd. cat bond and New Paradigm’s innovation risk transfer solution, and we are partnering with MSIG Mingtai Insurance to deepen the understanding of typhoon risk.
October Speaking Engagements
Stone Ridge Reinsurance Conference
October 20, 2015
New York City, U.S.
RMS CEO Hemant Shah will speak on industry trends and growth opportunities.
GIRO 2015 Conference
October 22, 2015
Liverpool, U.K.
Dr. Gordon Woo, RMS catastrophe risk expert, will join the panel discussion, Models: The Next Generation.
The Infoline Flood Risk and Insurance 2015 Conference
October 29, 2015
London, U.K.
At this RMS-sponsored event, Maurizio Savina, Manager, Product Management, will share RMS insights on flood risk.
National Terrorism Reinsurance Pools Congress
The Royal Institution
October 29, 2015
London, U.K.
Dr. Gordon Woo, RMS catastrophe risk expert, will speak on terrorism threat modeling.
RMS-Sponsored Events
RMS is a proud sponsor at industry events across the globe. See our complete schedule of upcoming events, and please visit the RMS booth or schedule a private meeting with us.
FIDES XXXV Hemispheric Insurance Conference 2015
October 23 - 28, 2015
Santiago, Chile
The 2015 Property Casualty Insurers Association of America Annual Meeting
October 25 - 28, 2015
Hollywood, Florida
13th Singapore International Reinsurance Conference
November 2 - 4, 2015
Singapore
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