Global catastrophe risk analytics and modelling firm, RMS, has revealed that Latin American reinsurance entity, Reaseguradora Patria (Patria Re), has licensed the full range of RMS catastrophe models and analytics services for Latin America (LatAm) and the Caribbean.
Parts of LatAm are extremely exposed to a variety of natural catastrophe events year after year, which drives a substantial portion of reinsurer Patria Re’s property market losses.
In an effort to expand in property markets throughout LatAm and the Caribbean, Patria Re has chosen to license the full RMS suite for the regions to limit losses via the use of sophisticated and more comprehensive risk management tools and practices.
Furthermore, the utilisation of the RMS suite of catastrophe models and analytics services for LatAm and the Caribbean, should provide Patria Re with greater ability to compete with large, global reinsurance companies that operate in these markets, by offering expanded RMS tools to its clients.
Francisco Martinez, Vicepresidente de Suscripción, Underwriting, Patria Re, said; “We have a responsibility to work with the best risk management companies and use the best models and analytics to manage our catastrophe risk.
“By having access to the advanced science and modeling capabilities of RMS, we can offer truly customized coverage for our clients.”
The risk modeller explains that it continues to invest heavily in the research and understanding of LatAm risks, as it looks to create comprehensive models, products and services that benefit re/insurers such as Patria Re, and ultimately the end consumer.
“We have never been more committed to the success of our Latin America clients and their need for risk management solutions to create more differentiation and diversification opportunities for their business,” said Victor Roldán, Regional Head for Latin America, RMS.
“To support our clients’ pursuit for competitive advantage and sustainable growth, we are continually extending and enhancing our models, risk data and analytics to reflect the diverse needs of the region’s countries, market segments, and individual firms,” he added.
