Reinsurance News | By: Luke Gallin | July 24, 2017:
Brazilian reinsurer, IRB Brasil RE, has licensed RMS’ China and India agricultural models in an effort to expand its presence in the global reinsurance market.
Global catastrophe risk modeller and analytics firm, RMS, announced recently that IRB Brasil RE has licensed the RMS® China Agricultural Model and RMS® India Agricultural Model, as the reinsurer looks to strengthen its position in the Asia-Pacific region.
The risk models will provide the reinsurer with a holistic view of exposures so that more accurate regional analytics can be produced, ultimately facilitating risk transfer.
Senior Director, Model Product Management, RMS, Laurent Marescot, said; “Today’s actuarial techniques to manage agriculture risk are increasingly challenging to use, whether that’s employing non-stationary trends in data and a limited historical loss record or keeping abreast of the changes in agriculture management practices and climate evolution.
“That today’s models must address a broader range of industry needs is key as we continue to expand our suite of RMS Asia-Pacific and global agricultural risk models to help enhance the risk management chain as a whole, from underwriting to portfolio management.”
RMS’ China solution can model all insurable products, which is more than 70 crops, and also forestry and livestock, explains RMS. With global companies looking to participate in China’s agricultural insurance sector, the model includes a vast database that provides the latest insurance terms and conditions, which can vary by location and business line.
The risk modeller’s India model provides greater understanding of more than 70 crop types in two seasons and is also compatible with the Indian government’s Pradhan Mantri Fasal Bima Yojana (PMFBY) scheme, introduced in 2016.
To read full article – please click here.
