Risk management and catastrophe modelling firm Risk Frontiers has announced that its Australian hail model is now available on ModEx, the independent multi-vendor modelling platform for the re/insurance industry.
HailAUS 7.0 is a fully stochastic loss model for hail and covers all of Australia, calculating losses for residential, commercial and industrial property, as well as motor portfolios.
The model also includes a catalogue of hail storms reflecting activity from local radar station data and the frequency and severity of ‘high storm potential days’ derived from reanalysis data and the observed historical record.
Risk Frontiers, which operates across the Asia-Pacific region, represents the seventh model vendor on ModEx.
“ModEx complements our Multi-Peril Workbench offering perfectly and is a compelling solution for firms wishing to use our models but have neither time nor resources to engage with our complete native software solution,” said Foster Langbein, Chief Technology Officer at Risk Frontiers.
“This implementation leverages the Oasis Loss Modelling Framework’s new complex model wrapper capabilities, enabling the integration of our native model engine which ensures events and losses are consistent and directly comparable between the Oasis Loss Modelling Framework and Multi-Peril Workbench,” he explained.
James Lay, Commercial Director at ModEx, also commented: “With hail being Australia’s most costly natural hazard, responsible for the country’s most expensive insured natural disaster ever, the importance of making this model more readily accessible is clear.”
“We are proud to be able to offer it to our clients through ModEx, as we continue our mission of delivering greater choice of cat modelling services to the industry,” he added.
ModEx aims to unite multiple catastrophe models, hazard maps and data enhancement services through one platform.