Impact Forecasting, Aon Benfield’s catastrophe risk model development centre, has become the fourth model vendor to offer its cat risk model solutions on the integrated ModEx platform.
Impact has announced a deal on model provision with Simplitium enabling it to add its models to the ecosystem of cat risk modelling services available on the platform.
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”
Impact Forecasting will add its 100 probabilistic and scenario models spanning 10 perils over 60 territories to the services offered on the platform
Chris Ewing, Business Development Manager at Impact Forecasting, announced plans 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,” he said.
Impact Forecasting’s suite of models will be made Oasis LMF compatible, starting with European Windstorm which covers Belgium, France, Denmark, Germany, Ireland, Luxemburg, Netherlands, UK, Norway, Sweden, Finland and Austria, and is available for model evaluation on ModEx from December 2017.