Service provider, Simplitium, continues to expand cat modelling platform with the addition of risk model vendor, Impact Forecasting
Impact Forecasting, Aon Benfield’s catastrophe (cat) model development center, have formalized a model provisioning agreement with Simplitium to offer their innovative cat risk models on the ModEx platform. Impact Forecasting represents the fourth model vendor to integrate on the ModEx platform this year.
ModEx, powered by Oasis LMF, delivers an ecosystem of cat risk modelling services to provide the (re)insurance community with a deeper understanding of risk. Impact Forecasting, with over 100 probabilistic and scenario models spanning 10 perils over 60 territories, make the partnership a significant milestone for Simplitium. Impact Forecasting’s suite of models will be made Oasis LMF compatible, starting with European Windstorm which is available for model evaluation on ModEx from December 2017.
Impact Forecasting’s European Windstorm model provides (re)insurers with a transparent view of their windstorm risk to allow an enhanced understanding of their capital requirements. The model covers Belgium, France, Denmark, Germany, Ireland, Luxemburg, Netherlands, UK, Norway, Sweden, Finland and Austria.
Alexandros Georgiadis, Catastrophe Model Developer at Impact Forecasting said:
“We’re excited to deliver Impact Forecasting’s European Windstorm model through the ModEx platform. Following five years of development, and adopting the latest climate science, the model offers a comprehensive understanding of windstorm clustering and the risk affecting 12 countries across Europe”.
Chris Ewing, Business Development Manager at Impact Forecasting, said:
“We plan to add further IF models for regions and perils such as Arabian Peninsula earthquake, South Africa earthquake and Central Europe flood to ModEx in the coming year. We look forward to continuing our work with insurers’ exposure and catastrophe modelling teams to help deliver an open and transparent view of windstorm risk. Our models are now delivered through ELEMENTS, the ModEx platform and a number of underwriting systems to enhance catastrophe pricing workflows”.
Jamie Khurshid, CEO of Simplitium, adds:
“ModEx is revolutionising the cat risk modelling marketplace by delivering the first ever multi-vendor platform for independent cat model providers. We are delighted that Impact Forecasting are joining the community.”
Simplitium’s experience in delivering secure and reliable technology platforms combined with Oasis LMF make the ModEx platform a secure and reliable cat modelling service. ModEx’s ability to reduce modelling costs while providing more and different views of risks, makes the platform a truly innovative and important offering to the community.
For further information, please contact:
+44 (0)20 3735 4981
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.
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.
About Impact Forecasting
Impact Forecasting, Aon Benfield’s catastrophe model development centre of excellence, enables firms to analyse the financial implications of catastrophic events and achieve a greater understanding of their risks. For more information, please visit http:/www.aon.com/reinsurance/analytics/impact-forecasting.jsp.
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.