Simplitium®, a global financial services technology provider, today announce that Impact Forecasting, Aon’s catastrophe model development centre, is delivering its Arabian Peninsula Earthquake Model on the ModEx platform. This is Impact Forecasting’s second significant model release on ModEx since the integration of its European Windstorm Model in 2017.
Impact Forecasting’s Arabian Peninsula Earthquake Model provides (re)insurers with a transparent view of their earthquake risk to allow an enhanced understanding of their capital requirements. The model covers Saudi Arabia, Kuwait, UAE, Qatar, Bahrain, Oman and Yemen.
Dr Cristina Arango, Catastrophe Risk Consultant at Aon’s Impact Forecasting team, said:
“The demand for catastrophe modelling solutions in the Middle East and North Africa (MENA), and in the Gulf Cooperation Council countries (GCC) in particular, has been increasing in recent years as a result of the region’s rapid economic growth. Following two years of research and development, and independent model evaluation, our Arabian Peninsula Earthquake Model offers a solid up-to-date understanding of the earthquake catastrophe risk across the GCC. Our goal is to broaden insurers’ access to our Arabian Peninsula Earthquake Model by delivering it through ELEMENTS and the ModEx platform to enhance catastrophe pricing workflows.”
James Lay, ModEx Commercial Director, adds:
“The addition of Impact Forecasting’s Arabian Peninsula Earthquake Model on ModEx takes us one step closer to creating a vibrant multi-vendor ecosystem for catastrophe modelling. ModEx’s ability to unify multiple vendors, while reducing costs and IT requirements, makes the platform a truly important offering to the industry as we strive towards better risk assessment.”
ModEx is the world’s first independent multi-vendor solution for catastrophe modelling, revolutionising the marketplace by bringing multiple vendors together on one platform and offering the (re)insurance industry a new and cost-effective way to access a wider range of models. The platform is brought to market by global financial services technology provider, Simplitium. Simplitium’s has over a decade’s experience in delivering secure and reliable technology platforms.
The addition of Impact Forecasting’s Arabian Peninsula Earthquake Model on ModEx takes us one step closer to creating a vibrant multi-vendor ecosystem for catastrophe modelling. ModEx’s ability to unify multiple vendors, while reducing costs and IT requirements, makes the platform a truly important offering to the industry as we strive towards better risk assessment.
JAMES LAY, MODEX COMMERCIAL DIRECTOR, SIMPLITIUM
For further information, please contact:
+44 (0)20 3735 4981
ModEx is the first independent multi-vendor catastrophe risk modelling platform for the (re)insurance industry. Powered by the Oasis LMF, ModEx delivers a hosted and fully managed catastrophe risk modelling service that offers a new and cost-effective way for firms to meet their modelling requirements. The platform creates an ecosystem where model vendors make their models available to the industry via a single user interface, improving the quality and choice of models available in the market. 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. 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 www.aon.com/reinsurance/analytics/impact-forecasting.