Model provision agreement solidifies relatonship between ARA and Simplitium.
Applied Research Associates (ARA), the leader in first principles modelling of hurricane hazards and property losses, has joined forces with Simplitium and Oasis to offer a cost-effective solution for companies looking to better understand their U.S. hurricane risk.
ARA and Simplitium have formalised an agreement for ARA’s state-of-the-art cat risk modelling software: HurLoss TM. The agreement ensures the continued availability of the innovative U.S. hurricane model on ModExTM, the catastrophe (cat) risk modelling platform delivered by Simplitium, powered by Oasis Loss Modelling Framework (LMF).
ARA’s U.S. hurricane model provides unparalleled insight into the potential impact of hurricanes before they occur; helping firms effectively manage the total cost of hurricane risk. The probabilistic hurricane hazard models in HurLoss have been the basis for coastal wind maps used by design professionals since 1998. The company’s unique engineering-based approach to wind vulnerability modelling is robust and reliable across the full spectrum of hazard intensities and construction classes. HurLoss has been reviewed and accepted by the Florida Commission on Hurricane Loss Prediction Methodology since 2000. By integrating on the ModEx platform, ARA reaches key players in the (re)insurance industry while only needing to focus on effective model delivery.
“We are pleased to offer our HurLoss model on ModEx to (re)insurers who want a view of risk that is rooted in a deep understanding of surface-level hurricane winds and building performance,” says Frank Lavelle, Vice President and HurLoss Product Manager at ARA. “ARA’s collaboration with Simplitium and Oasis provides the market access to a high quality, transparent, and independent model for the world’s most important region-peril combination via a robust, secure and cost-effective platform.”
“This agreement highlights the steps we are taking to achieve our mission of providing the (re)insurance industry with a deeper understanding of risk,” says Jamie Khurshid, CEO of Simplitium. “We are delighted to work with ARA to offer this innovative model to the market.”
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ModEx (formerly known as Boat Oasis) is the cat risk modelling platform for the (re)insurance industry, delivered by Simplitium and powered by Oasis LMF.
ModEx delivers flexible, scalable and secure cat risk modelling services via a hosted and fully managed environment. The platform provides the (re)insurance industry with a cost-effective and reliable way to meet their cat risk modelling requirements. The ModEx solution caters for the full suite of perils and allows model providers and other (re)insurance systems to meet the individual needs of customers through a robust and secure shared services platform.
The platform is fully independent and transparent, and provides (re)insurance firms with the tools to gain a deeper understanding of their risk by accessing the best models from large and niche model developers from around the world. For further information, please visit www.simplitium.com/modex.
ARA is an employee-owned company dedicated to producing innovative solutions in a timely and cost-effective manner. ARA provides comprehensive risk assessment services and tools for government and private industry. For more information, please visit www.ara.com/capabilities/risk-assessment-and-management.
Oasis is a global not-for-profit company limited by guarantee and owned by its 40 members who come from within the insurance and reinsurance community. Its mission is to create and foster links throughout the wide community of those interested in modelling catastrophic risk across business, academia, and government. For more information, please visit www.oasislmf.org.
By listening and responding to the market, Simplitium (formerly known as Boat Services) transforms complex challenges into flexible, scalable and secure solutions. Simplitium’s services help firms achieve greater efficiency and transparency in their daily operations, from regulatory compliance and cost management to catastrophe risk management.
As a subsidiary of Cinnober, one of the world’s leading clearing and trading technology providers, Simplitium has the stability and structure to ensure secure and reliable delivery of world class services that cover the entire transaction chain. For further information, please visit www.simplitium.com.