Applied Research Associates (ARA) has joined forces with Simplitium and Oasis to offer a cost-effective solution for re/insurers’ U.S. hurricane risk modelling.
ARA and Simplitium have formalised an agreement for ARA’s cat risk modelling software, HurLoss TM, which ensures the availability of the U.S. hurricane model on the catastrophe risk modelling platform delivered by Simplitium, powered by Oasis Loss Modelling Framework (LMF) – ModExTM.
“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,” said 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,” Lavelle added.
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.
Integrating on the ModEx platform enables ARA to reach key players in the re/insurance industry while focusing on effective model delivery.
“This agreement highlights the steps we are taking to achieve our mission of providing the re/insurance industry with a deeper understanding of risk,” said Jamie Khurshid, CEO of Simplitium; “we are delighted to work with ARA to offer this innovative model to the market.”
The company’s engineering-based approach to wind vulnerability modelling works across the full spectrum of hazard intensities and construction classes and has been reviewed and approved by the Florida Commission on Hurricane Loss Prediction Methodology since 2000.