The extreme climate change-related events in recent years have increased the frequency and severity of both primary and secondary perils leading to a multi-fold increase in insurance claims due to hydro-metrological events. P&C Insurance Industry has been experiencing year-on-year losses of more than US$ 100 bn each year in the past few years. In such a scenario, these companies need effective partners to prepare and run the NAT CAT models to help them estimate the scale of potential future losses while maintaining a tight grip on their expense ratios to achieve a healthy bottom line. Today companies do not want to be tied down with the long-term license cost of running NAT CAT models. Even those with long-term licenses look at multiple NAT CAT model vendors for secondary opinions.
We at RMSI have over 30 years of experience creating and running complex NAT CAT models. We understand that an effective model cannot be complete without good quality exposure data, and often, companies do not want to invest in-house in data maintenance. Our Insurance Consulting helps companies prepare their available exposure data in a model-ready format by cleansing and enhancing their data. Using our proprietary platform, we help companies strengthen the quality of their exposure data and get an idea of expected claims after a major disaster event. In addition, we provide core analytics to companies about their pricing, portfolio management, accumulation management, and reinsurance treaty design, which help companies make robust business decisions.
Through RMSI’s proprietary impact forecasting tool, companies can assess the impact of natural disasters on their portfolio in advance so that they can take mitigation measures.