Simplitium, a global financial services technology provider, has announced that catastrophe risk modeller CatRisk Solutions is to offer its Middle East and Africa Earthquake Model on Simplitium’s multi-vendor ModEx platform.
Additionally, Simplitium said that global reinsurance broker Chedid Re had been signed as the first joint client for the service, and will be provided with streamlined access to CatRisk’s model via the web-based ModEx user interface.
ModEx is the multi-peril catastrophe risk modelling platform operated on the Oasis Loss Modelling Framework (LMF), offering a hosted and fully managed service that removes the need for any client-side installation.
CatRisk’s Middle East earthquake model was originally launched in June 2017 on the Oasis risk modelling platform, and provided risk assessment solutions for clients throughout Bahrain, Iraq, Jordan, Kuwait, Lebanon, Oman and Qatar.
The expanded Middle East and Africa model now also covers Algeria, Burundi, Egypt, Kenya, Libya, Namibia, Morocco, Rwanda, South Africa, Tanzania, Tunisia, and Uganda in Africa, and Iran, Pakistan, Saudi Arabia, Syria, United Arab Emirates and Yemen in the Middle East.
James Lay, ModEx Commercial Director at Simplitium, stated: “The Middle East and Africa are regions which have traditionally been underserved with regards to model availability. Signing our first customer in this area is indicative of the potential demand for models in these regions and reaffirms the value of providing access to a wider range models and vendors.”
“We are delighted to be working with Chedid Re, a leading reinsurance broker in the MENA region, as part of ModEx’s ongoing mission to provide reinsurers with greater access to cat risk models globally,” he added.
Mohammad R Zolfaghari, Director at CatRisk Solutions, also commented: “We have been working with Simplitium for over two years and are pleased to bring this expanded earthquake model to market via the ModEx platform. As the industry moves towards open-source frameworks and transparent technology, Simplitium is leading the way with their ModEx solution.”
Alain Bouzaid, Executive Director at Chedid Re, further stated: “ModEx enables us to access CatRisk’s Middle East and Africa Earthquake Model and the wider Oasis ecosystem without the resource requirements traditionally associated with modelling. CatRisk’s model will provide us with a comprehensive view of our earthquake risk across the Middle East and Africa for the benefit of our partners.”
Simplitium also recently expanded the offering of its ModEx platform with the addition of Impact Forecasting’s Arabian Peninsula Earthquake model and Ambiental Risk Analytics’ Australian flood model, FloodCat.
