Catastrophe risk modeller, RMS, has launched new agricultural risk models for India and China and plans to expand coverage further into Asia-Pacific and the Americas as part of a strategic focus to help clients close the coverage gap.
RMS also announced plans to reveal a series of risk models and updates for clients in the Asia-Pacific and Latin America regions later this year.
Further product releases have been scheduled for April and include updated earthquake models for Indonesia and the Philippines as well as four new earthquake models for Singapore, Malaysia, Thailand, and Vietnam.
The company will also launch wind and typhoon models for Taiwan and South Korea and the latest views on marine and North Atlantic hurricane risk covering the Latin America region.
Chief risk modeling officer and general manager of the RMS models & data group, Mohsen Rahnama, said; “RMS is very well positioned to develop agricultural risk models and help ramp the industry’s understanding of the risk.”
“We understand the framework and principles of the models, and will combine our 30-plus years’ experience in climate hazard modeling with the latest data collection and processing technology, and scientific understanding of the risk, to build the next generation of agricultural risk models for the industry.
“Also important is the modeling work we do that lies outside our long-established analysis of catastrophe risk for the insurance industry; the recent conclusion of our drought stress-testing project for the banking industry has given us deep insight into the drivers of water scarcity, which is a key hazard for agricultural risk.”
RMS is further developing its modeling capacities by transferring all the model assets from parent company DMGT’s AgRisk business to RMS.
The firm said this will enable it to leverage its global business network and operations to offer comprehensive agricultural risk management service for local and global (re)insurers, such as high-touch modeling support, analytical services, training, and event response.
Senior vice president, client development Europe and Asia, Steve Hurcom, said; “Countries throughout Asia-Pacific are experiencing rapid growth. RMS is committed to helping our clients’ success in these dynamic markets by providing a comprehensive suite of risk and analytics solutions.”
“Agricultural risk is one of the top concerns and big opportunities for our clients in Asia-Pacific and Latin America, and they need robust models to manage the risk as part of their overall enterprise risk.”
RMS will announce more of its development goals for agricultural risk models at its upcoming Exceedance conference, from the 20-23 March in New Orleans.