RiskMeter.com Expands Catastrophe Modeling to Improve Risk Assessment, Pricing.
RiskMeter Online, a provider of real-time, natural hazard risk reports to underwriters and agents, announces it has expanded its offerings from catastrophe risk modeling firm EQECAT.
Two new EQECAT modeling features are added to the RiskMeter Online.
The first involves enabling RiskMeter users to factor in site deductibles when running EQECAT's hurricane and earthquake average annual loss (AAL) and probable maximum loss (PML) reports. This capability will allow RiskMeter users to assess and price risk more accurately, since deductibles affect both AAL and PML results.
The second feature adds standard deviation, coefficient of variation and demand surge into EQECAT's modeling results. This additional information will provide underwriters with valuable insight into a piece of business, allowing them to quickly assess risk volatility, and demand surge on labor and supplies if a catastrophe were to occur.
"We're always looking for ways to improve our service," says Daniel Munson, founder, RiskMeter Online. "By expanding our hurricane and earthquake capabilities with EQECAT, a leader in catastrophe modeling, we're providing our users with a much clearer picture of their risk exposure, so they can make better underwriting decisions."
"EQECAT values being a trusted advisor to its clients," said Bill Keogh, president of EQECAT. "Our models are based upon the latest science, engineering expertise, claims and exposure data, and advanced mathematics. By expanding our offerings through the RiskMeter Online, we will help insurance professionals set rational expectations about risk."
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|Publication:||Property and Casualty 360|
|Date:||Jul 26, 2012|
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