Hamilton, Bermuda — Ironshore Inc., a provider of broker-sourced specialty commercial property/casualty coverages for risks located throughout the world, has licensed the Risk Management Solutions (RMS) Account Fire Model. Launched in March 2008, the model should allow Ironshore to perform modeling for the pricing and portfolio management of its fire risk.
London-based catastrophe modeling company RMS says its RMS Account Fire Model is the insurance industry's first probabilistic, physics-based numerical simulation of fire hazard. Based on precise building layouts, commonly known fire attributes, and data from fire department operations, the tool will help Bermuda-based Ironshore accurately assess the potential damage and loss from fire, smoke and water to properties in its portfolio. These results can then be merged with natural catastrophe and man-made peril modeling output for a "total view" of risk.
"By simulating the actual behavior of a fire, the model will provide Ironshore with a more detailed understanding of risk than is possible with the dated empirical process used throughout the industry," says Craig Van Anne, VP of RMS. "The transparent decision support afforded by the analysis will give them a clear advantage over their competitors in terms of strategic pricing and risk selection."
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