Moody’s RMS risk models will now be available across Europe and Asia as Korean Re and the catastrophe risk modelling and solutions company have announced a new agreement to licence the products in these regions.
These models include: Europe Inland Flood HD Models and Europe Severe Convective Storm (SCS) HD Models using the Risk Modeler™ application. As well as Europe Windstorm Model and earthquake models for Europe, Korea, China, Taiwan, and Israel.
This agreement enhances Korean Re’s risk analysis capabilities to help increase the support it can provide to clients with global risk portfolios, the company stated.
Dr. Chun Baek, the head of Catastrophe Analytics at Korean Re, commented: “It is expected that providing wider insights into risk analysis and decision making against recent changes in natural catastrophe will be available by working with Moody’s RMS models.”
Andrew Hare, Managing Director, Moody’s RMS said: “Korea is an exciting and important country market for us, and we are delighted to be working with Korean Re as they continue to grow and enhance the services and support that they can offer for all their clients.
“As the nature and interconnectivity of risk have grown increasingly complex, it is important that companies can utilise leading science and technology to better understand and decode their risks and portfolios.”
Korean Re is the country’s leading reinsurer and a significant reinsurer across Asia, the company stated, with a total of 12 global offices including four subsidiaries, four branches, and four liaison offices.
The reinsurer not only deals with the more traditional lines of reinsurance, including property, engineering, marine, casualty, motor, life, and health but also offers non-traditional reinsurance solutions.
“Korean Re started operations in 1963, and 2023 marks the sixtieth anniversary of the business. After six successful decades, we begin a new chapter in our corporate history to challenge ourselves and change the world by constantly seeking internal innovation in a manner that increases our positive impact on the world around us,” a Korean Re spokesperson said.
