Boston, September 15, 2020 (GLOBE NEWSWIRE) – Xceedance, the global provider of strategic insurance consulting and technology, and Oasis LMF, today announced the availability of on-demand exposure analysis and results for three people. Major American Disaster Risk. In partnership with leading model providers CoreLogic, Fathom, and Applied Research Associates (ARA), on-demand Xceedance-Oasis LMF services provide loss metrics for US earthquake, flood and hurricane risks to diverse insurance organizations.
Xceedance-Oasis LMF Disaster Modeling Services provides on-demand loss analysis to reinsurers, brokers and MGA – no annual model license, no requirement to use proprietary platforms, and flexibility in selecting risk models from the community of expert model providers. Insurance institutions submit their initial exposure data, which is assessed and applied to the country / risk model the user chooses. The output is a specialist report that contains all of the model assumptions and key loss metrics for the unique account or portfolio of the reinsurer / insurer.
The U.S. CoreLogic Model of Earthquakes takes into account information on earthquake hazards and historical hazards nationwide to gain insights into site or portfolio risk. It was one of the first models on the market that implemented 2014 USGS and UCERF3 risk data, explicitly modeling damage due to liquefaction and landslide induced earthquakes, and includes sophisticated modeling of deep sedimentary basins in California and Washington. In addition, the CoreLogic US Earthquake Model is used by the California Earthquakes Authority (CEA), which operates under a law imposing strict standards for rate science. CoreLogic’s earthquake model fulfilled this standard for CEA issuance and has maintained it ever since.
The Fathom US Flood Model is the first of its kind to present climate change scenarios for 2020 and 2050, including MIT research-based data to predict changing hurricane behavior. It enjoys unprecedented coverage of every watercourse in the United States and the entire coastline of the United States, and an estimate of coastal flood risk due to storms and tides. Additionally, the model is systematically validated against FEMA, IOWA Flood Center and NFIP claims data – proving that current methods significantly reduce flood risk.
Applied Research Associates (ARA) HurLoss ™ US Hurricane model allows reinsurers and brokers to make superior underwriting and portfolio management decisions. ARA Hurricane model has been widely published and peer-reviewed. It has been primarily used for structural design in hurricane-prone countries since 1998 (ASCE 7) and before its use in Florida since 2000 (FCHLPM, FLOIR, FLDCA). In 2015, HurLoss was selected by Lloyd’s Market Association to be the first major risk model implemented on Oasis LMF.
“Reinsurers and brokers can access loss outcomes from three highly regarded disaster model providers regarding key risk and loss drivers in the United States,” said Manish Kheitan, Operations Director for North America Operations at Xceedance. “The services are designed so that insurers do not need to spend time and resources on modeling or investing in infrastructure. Now, reinsurers can get an alternative view of basic US disaster risks, in addition to their current models. Or they can get a first look at these risks if they do. They had no interior design platforms. “
Note: AM Best will host a webinar on Disaster Modeling Services upon request on Tuesday, September 29th at Noon EST. Register here for the event.
About XceedanceXceedance (www.xceedance.com) is a global provider of strategy consulting, managed services, technology, and data science solutions to insurance organizations.
Media contact: Jennifer Overhols, Saint Nick Media Tel: +1 859 803 6597 Email: [email protected]
What Are The Main Benefits Of Comparing Car Insurance Quotes Online
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