Newark, Calif. — Risk Management Solutions (RMS) launched an initiative to keep businesses informed of the impact of catastrophic events by making its expert analysis publicly available on its Web site. The RMS Cat Updates service, which has long provided the insurance industry with damage summaries and loss reports following significant natural or man-made catastrophes, applies expert scientific analysis to data from a wide range of sources. Information is posted within hours of a catastrophe occurring and is updated as the situation unfolds. The service is being launched in time for the U.S. hurricane season, the company reports.
“Historically, our business has focused on the insurance market, but we believe other industries affected by catastrophic events can also benefit from our timely analysis,” says Neena Saith, catastrophe response manager for RMS. “The service is a one-stop shop for scientific analyses and damage reports, and also will benefit those serving humanitarian needs. By offering public access to our Cat Updates, we can provide guidance to any impacted industry, from energy companies with operations in hurricane-stricken areas to traders concerned about an event’s likely effect on food prices.”
Insurers looking at reducing claims by improving their risk management exposure, however, may benefit from the suite of tools that RMS is launching that are designed to provide real-time scientific information prior to, during, and after major events to promote effective response to global disasters.
“Responding quickly and efficiently after major catastrophes is crucial for any business with assets at risk,” says Saith. “Organizations with large property portfolios are under pressure to report their estimated losses as soon as possible, and for public companies the accuracy of these figures can ultimately affect their share price.”
Subscribers to the Enhanced Catastrophe Response Service can access reports on the estimated insured losses from a catastrophe, delivered within 48 hours of an event, as well as detailed information on the main drivers of loss. Organizations with large property portfolios, such as multinational companies or investors in mortgage-backed securities, also can identify their exposure at risk through analysis based on aerial, satellite and radar data collated by RMS after major events.
For organizations that need to gauge potential losses prior to a hurricane landfall, RMS’ automatic, Web-based service—RiskOnline—tracks the progress of active hurricanes and analyzes losses as storms approach land. Every six hours, following each National Hurricane Center advisory, RiskOnline automatically updates the likely U.S. insurance industry losses and the impact on subscribers’ portfolios. Additionally, through RMS’ Rapid Response Analysis Service, companies can submit their data for preparation and analysis prior to major events and receive a report of their portfolio losses shortly afterwards.
Register or login for access to this item and much more
All Digital Insurance content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access