Catastrophe risk modeller RMS has announced a series of key changes to the flood models and maps it utilises, including new inland flood models and global flood hazard maps.
Changes to its global flood coverage includes a new inland flood model for China, which will be available in June 2021 on both RiskLink Version 21.0 and Risk Modeller, the RMS cloud platform for model execution and analytics.
New inland flood models have also been added for New Zealand and Southeast Asia and will be available in the second half of 2021.
Global flood hazard maps for over 200 countries will also be available in the second half of 2021.
Overall, RMS says its global flood solution suite now covers 100% of the world’s property gross written premiums for flood.
Significant updates to the the North Atlantic Hurricane (NAHU) Models were also announced.
Version 21.0 now includes medium-term event rates, lessons learned from the 2017-2020 hurricane seasons, and a new alternative view of vulnerability for Florida Residential Lines.
RMS has also incorporated an alternative view of risk accounting for the Florida Building Code 25 percent Roof Replacement Rule, which was expanded from the High Velocity Hurricane Zone (HVHZ) to cover the entire state of Florida in the 2017 Florida Building Code.
Elsewhere, RMS’ Canada Wildfire Model has been added to its North America Wildfire Models Suite and has coast-to-coast coverage for the country.
Consistent with the RMS US Wildfire Model, the Canada model incorporates ignition and spread of wildfires, ember footprints, smoke footprints and urban conflagration, as well as the financial model that include hours and distance clauses for representation of policy terms.
RMS Cyber Solutions Version 5.1is also available now and incorporates a new dashboard for underwriters.
Speaking at the annual RMS Exceedance conference, Mohsen Rahnama Ph.D., chief risk modeling officer and executive vice president, said, “Risk is increasingly complex and connected. RMS is focused on providing the highest quality and most transparent, robust catastrophe models to the industry in this environment.
“With the new inland flood models and global flood hazard maps, we address an important set of regions where flood is the most important peril, and now cover 100 percent of flood premiums written worldwide. The significant update to the RMS North Atlantic Hurricane Models incorporates the latest science, and applies the learnings from 2017 onward.”
