RMS Releases Terrorism Risk Management System

Newark, Calif. – Risk Management Solutions (RMS), Newark, Calif., has launched its Terrorism Risk Management System (T-RMS). The new browser-based application enables underwriters and portfolio managers to assess the impact of new insurance submissions on their existing exposures, and gain insight into terrorism risk in specific locations through sophisticated risk-layered maps and high-resolution aerial imagery.

“Terrorism underwriters are often under a time pressure to decide whether to take on new business, and rely heavily on monitoring exposures in urban areas and understanding the risk around key locations,” says Tristan Camanga, product manager for T-RMS. “When a new terrorism submission hits the desk, an underwriter can use the system to quickly view its proximity to other high-value locations in the portfolio and assess how it might affect their accumulations. To drill down to a finer level of detail, high-resolution imagery and photographs can be used to verify the type and size of building being considered, along with the surrounding buildings and structures.”

T-RMS uses aerial imagery and photography from the Microsoft Virtual Earth platform, which includes three-dimensional building models and bird’s-eye-view photography in key international cities globally, providing a unique spatial perspective of the surrounding area. The visual data is continuously improved for existing locations and updated to include new areas.

In addition to its accumulation management and risk visualization capabilities, T-RMS incorporates qualitative terrorism risk information from RMS’ proprietary database, such as data on high-risk targets in the United States and 20 major international cities including London, Paris, Madrid, Tokyo, Istanbul and Toronto; and offers thematically shaded terrorism risk maps for major urban centers. These tools enable underwriters to gauge not only the risk of the building in question, but also those in the surrounding area by identifying any likely terrorist targets in the vicinity.

RMS’ modeling of a wide range of terrorist attack modes is also embedded in the system. An underwriter could, for example, compute the potential impacts from nearly 30 conventional and chemical, biological, radiological, or nuclear attack modes. The underlying RMS Terrorism Model allows insurers to quantify insured property and business interruption losses, as well as workers compensation, life, health, and personal accident injuries and losses. T-RMS complements the U.S. Probabilistic Terrorism Model and the Terrorism Scenario Model to provide a comprehensive solution to analyzing terrorism risk.

Source: Risk Management Solutions