RMS unveils new windstorm models

Risk modelling specialist RMS will be releasing four new High Definition models, including Europe Windstorm, North America Winterstorm (WT), North America Severe Convective Storm (SCS), and Terrorism, over the next two years.

RMS said its HD Models represent the next generation of risk modelling, delivering deeper analysis and granularity.

The HD probabilistic models incorporate a high-fidelity, simulation-based framework for modelling event frequency and severity, which allows for event footprints to be represented more realistically across larger event sets.

The new RMS Europe Windstorm HD Model enhances the current model and will cover 17 countries, adding Finland and Lichtenstein.

It includes a climate variability view and has expanded storm surge analytics to include the UK, Ireland, France, and Belgium. Storm clustering will be modelled natively within the HD framework, together with an option to run the model without clustering.

Industrial facilities, builders’ risk, and marine cargo will also all be covered.

With the new model RMS said it will be able to offer a complete High-Definition solution for all atmospheric climate perils across Europe including Europe SCS HD Model, Europe Windstorm HD Model – and the Europe Flood HD Model, which was particularly relevant during the Berndt flooding in 2021.

The company added that both the RMS North America Winterstorm and RMS North America SCS HD Models benefit from a simulation-based framework that it claimed better represents the time-dependent nature of SCS/WT event frequency and hazard.

This includes event clustering, seasonality, and the representation of cumulative hazard such as multi-day SCS outbreaks, or the cumulative snow build-up on a building due to multiple snowfalls.

The planned general availability for the RMS Terrorism HD Model will be in 2022, Europe Windstorm HD Model in 2023, and North America Winterstorm and North America Severe Convective Storm in 2024.

Julie Serakos, senior vice president, Model Production Management, RMS, said: “The RMS High Definition Models are delivering a step-change in risk analysis across the insurance industry. All the technological capabilities within the RMS Intelligent Risk Platform support the RMS HD model enhancements for clients.”

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