BOSTON, Sept. 15, 2020 (GLOBE NEWSWIRE) -- Xceedance, a global provider of strategic insurance consulting and technology, and the Oasis Loss Modelling Framework (Oasis LMF), today announced the availability of on-demand exposure analysis and results for three key U.S. catastrophe perils. In partnership with leading model providers CoreLogic, Fathom, and Applied Research Associates (ARA), the Xceedance-Oasis LMF on-demand services provide loss metrics for U.S. earthquake, flood, and hurricane perils to diverse insurance organizations.
Xceedance-Oasis LMF On-Demand Catastrophe Modelling Services deliver as-needed loss analysis to re/insurers, brokers, and MGAs — with no annual model licensing, no requirement to use proprietary platforms, and the flexibility to select peril models from a community of expert model providers. Insurance organizations send in their raw exposure data, which is evaluated and applied to the country/peril model of the user’s choice. The output is a specialized report containing all model assumptions and essential loss metrics for the re/insurer’s unique account or portfolio.
The CoreLogic U.S. Earthquake model accounts for historic, nationwide earthquake hazard and risk information for insights into location or portfolio risk. It was one of the first models in the market to implement the 2014 USGS and UCERF3 hazard data, explicitly model damage due to liquefaction and earthquake-induced landslide, and include sophisticated modelling of deep sedimentary basins in California and Washington. In addition, the CoreLogic U.S. Earthquake model is used by the California Earthquake Authority (CEA), which operates under a law that mandates strict standards for rate-setting science. The earthquake model from CoreLogic met that standard for the CEA rollout and has maintained it ever since.
The Fathom U.S. Flood model is the first-ever to provide climate change scenarios for 2020 and 2050, including data based on research at MIT to predict changing hurricane behavior. It has unprecedented coverage of every U.S. watercourse and the entire U.S. coastline, quantifying coastal flood risk due to storm surges and high tides. Additionally, the model is systematically validated against FEMA, IOWA Flood Center models, and NFIP claims data — proving current methods significantly underestimate flood risk.
The Applied Research Associates (ARA) HurLoss™ U.S. Hurricane model allows re/insurers and brokers to make superior underwriting and portfolio management decisions. ARA’s hurricane model has been extensively published and peer reviewed. It has been the basis for structural design in hurricane-prone states since 1998 (ASCE 7) and accepted for use in Florida since 2000 (FCHLPM, FLOIR, FLDCA). In 2015, HurLoss was selected by the Lloyd’s Market Association to be the first major region-peril model implemented on Oasis LMF.
“Re/insurers and brokers can access loss results from three highly regarded catastrophe modelling providers for the key drivers of risk and loss in the United States,” said Manish Khetan, COO of North America Operations at Xceedance. “The services are designed so insurance organizations don’t need to spend time and resources on modelling or invest in infrastructure. Now, re/insurers can get an alternate view of primary U.S. catastrophe perils, in addition to their existing models. Or, they can get a first view of those perils if they don’t have in-house modelling platforms.”
Note: AM Best will host a webinar about On-Demand Catastrophe Modelling Services on Tuesday, September 29 at Noon EST. Register here for the event.
About Xceedance
Xceedance (www.xceedance.com) is a global provider of strategic consulting and managed services, technology, and data sciences solutions to insurance organizations.
Media Contact: Jennifer Overhulse, St. Nick Media
Telephone: +1 859 803 6597
Email: jen@stnickmedia.com