Risk Management Solutions (RMS) has announced the launch of the India Earthquake Model.
Developed for use in the RiskLinkR catastrophe modeling system, the Aggregate Loss Module (ALMR) was built in partnership with Aon Re Asia and RMSI, allowing access to detailed data on insured exposure, soil data, inventory, and local building standards.
"The continual growth and maturation of the Indian insurance industry, combined with the significant seismic hazard in the country, served as a call to action for RMS to expand on the model suite in Asia to include India," said Domenico del Re, Asia Pacific model manager at RMS.
"2007 represents a turning point in the property and casualty insurance market in India, as the tariff system previously in force is being lifted, opening the market to a new competitive environment."
The source model underlying the ALM Profiles contains nearly 100 seismic sources, subdivided into thousands of faults capable of generating over 40,000 different earthquake scenarios.
ALM Profiles have been generated at CRESTA level countrywide, and at the more detailed district level in Maharashtra and Gujarat, where exposure and hazard are highest.
"We have been delighted to support the India Earthquake model developed by RMS," said Dr. Mohan Sharma, head of catastrophe modeling & analytical services at Aon Re Asia.
"This model has enabled Aon to establish a brand image that shows us as a technical broker, capable of providing added value services to insurers in India. In the last twelve months, many of our clients have found the modeling to be of great assistance."
