Simplitium, a provider of risk analysis services, has announced that the new Arabian Peninsula Earthquake model from Aon’s catastrophe model development centre, Impact Forecasting, is to be delivered on its multi-vendor ModEx platform.
The Arabian Peninsula Earthquake model covers Saudi Arabia, Kuwait, UAE, Qatar, Bahrain, Oman and Yemen and provides a transparent view of earthquake risk to re/insurers, allowing an enhanced understanding of their capital requirements.
“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,” explained Dr Cristina Arango, Catastrophe Risk Consultant at Aon’s Impact Forecasting team.
“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, added, “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.”
Impact Forecasting’s last major release on the widely-used platform came in 2017 with the integration of its European Windstorm model.
“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.”
