Catastrophe risk modeller KatRisk has released an updated version of its SpatialKat modelling suite and FMKat financial model, which include the ability to model treaty reinsurance.
As with previously released facultative modelling capabilities, the updated SpatialKat 3.0 and FMKat releases will allow treaties to be applied at the site, policy or account level.
“This is a major update to accurately and transparently model complex insurance structures for our customers,” said Guy Morrow, Co-Founder of KatRisk.
“We would like to thank our industry partners for validating our data flow charts and exposure formats,” he added. The rapid feedback was invaluable during the development process.”
The modelling approaches and technology stack choices utilised by KatRisk take advantage of open source and current computer architectures, explained Swami Krishnamoorthy, CTO of KatRisk.
Krishnamoorthy noted that data and workflow interoperability are likely to become increasingly important for customers in the coming years, and added that KatRisk was “ready for those challenges.”
Brandon Katz, Vice President of KatRisk, further stated: “With these new financial modeling capabilities the upcoming global wind and flood model release will make an immediate impact to price and transfer risk.”
“We are thrilled to provide our customers with the data and tools they need to run their business.”
KatRisk previously announced updates to its SpatialKat 2.0 and SoloKat+ software and data back in April 2019, with the goal of improving its ability to quantify U.S. flood risk, both inland and storm surge.