Catastrophe risk solutions company, RMS and Tokio Marine Holdings have announced the expansion of their global commercial partnership through a new agreement.
RMS models underlie Tokio Marine’s global view of natural catastrophe risk, and Tokio Marine entities have access to a range of RMS RiskLink and HD models as well as RMS Risk Intelligence products.
The goal of the partnership is to ensure that the highest quality, most accurate, best-science, data and technology-based views of risk across all perils and markets where Tokio Marine participates are leveraged to the benefit of Tokio Marine customers worldwide.
Through the partnership, RMS models, data and applications, along with the RMS cloud platform, Risk Intelligence, may be leveraged by Tokio Marine entities globally.
Tokio Marine has a longstanding partnership with RMS, with the relationship spanning over 20 years. They first partnered with RMS on the development of the Japan Earthquake and Japan Typhoon models, providing knowledge and insights to the benefit of the modelled views of those risks, the partnership, as well as the market at large.
In addition to RMS RiskLink models, Tokio Marine has also licensed and is adopting the current suite of RMS high-definition models, which includes the Japan Typhoon and Flood HD Model, and the Japan Earthquake and Tsunami HD Model.
Tokio Marine was an early adopter of RMS Risk Modeller and Exposure Manager solutions and is working towards adoption of the latest version, Risk Modeller 2.0, as it deploys new HD models.
All RMS RiskLink models, together with HD models, are deployed on cloud-based Risk Modeller as of the September 30, 2020 release, along with portfolio and account modelling and analytics.
Kenji Okada, Group Chief Risk Officer, Tokio Marine Holdings, Inc. said: “RMS has been an important strategic partner for many years and has consistently demonstrated its commitment to investing in better science and technology for the insurance industry. We look forward to continuing and deepening this partnership over the years to come.”
Karen White, Chief Executive Officer of RMS, said: “Tokio Marine has been a global market leader and valued partner to RMS throughout our longstanding relationship. The global risk market is growing more complex and inter-connected.
“As we together tackle existing as well as increasing risks such as climate change and extreme weather events, systemic risks, clash risks, cyber, pandemic and infectious disease risks and other perils, meaningful collaboration and partnerships, coupled with leading edge science and technology, are vital.
“We look forward to continuing our work with Tokio to ensure the deepest insights and views of risks, to optimise business outcomes and greater global resiliency.”
Source: Reinsurance News
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