RMS Launches RiskonLine in Advance of the 2000 Hurricane Season
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Friday 19 May 2000
Risk Management Solutions (RMS) today announced the release of RiskOnline, an Internet service for tracking live probabilistic estimates for hurricane risk as storms approach land. Every few hours, RiskOnline automatically updates probability distributions for U.S. insurance industry losses and participating companies' portfolios. Results are immediately viewable via the Internet, allowing claims managers and risk transfer participants around-the-clock access to data for monitoring and trading risk in real-time. Subscribers will access the service at www.riskonline.com.
RiskOnline uses a probabilistic loss forecasting approach that is based on an innovative blend of meteorological forecasts and statistical storm behavior inferred from historical activity. The model reflects current meteorological conditions affecting storm behavior through a probabilistic simulation of possible storm paths and intensities, generating a comprehensive loss forecast. This blended approach leads to consistently more accurate and stable results than those produced using meteorological forecasts or simulations from historical statistics alone.
RiskOnline adds efficiency and convenience to the process of getting the latest underwriting and claims information as hurricanes approach. "RiskOnline fills a critical gap in the hurricane risk management process," says Hemant Shah, President of RMS. "By providing standardized industry and company-specific loss estimates on a continuous basis as hurricanes approach the U.S. mainland, insurers, brokers, and reinsurers can now make more proactive and informed decisions on how to set constituents' expectations, deploy claims resources, set underwriting controls, and price and transact real-time catastrophe covers."
About RMS:
Risk Management Solutions (www.riskinc.com) is the world's leading provider of products and services for the quantification and management of property catastrophe, natural hazard, and complex business risks. Its clients include leading insurers, reinsurers, industrial corporations, governments, and financial institutions. Founded at Stanford University in 1988, RMS employs over 500 people worldwide and is owned by DMG Information, a division of the U.K.-based Daily Mail and General Trust plc media enterprise.
Inquiries to:
Lois Kiriu, Risk Management Solutions: +1 (650) 617 6545