Risk Management Solutions (RMS) is set to offer risk management software for hail loss following its acquisition of HailCalc Europe.
RMS will offer HailCalc's fully probabilistic hail loss simulation software for Europe to a “wide range of industry users through its extensive global support network,” said Jörg Müller, vice president of RMS Zurich.
Müller added: "There is an increasing demand for hail modelling in Europe, and together with recent and upcoming releases of new flood and earthquake models, RMS clients will be able to model key drivers of loss across most of continental Europe."
Reinhard Maeger, executive director at Aon Re Hamburg, commented: "Regionally-based insurance companies with business in hail-exposed areas will particularly benefit from the addition of HailCalc Europe, with its capability to quantify hail-related risk to commercial, industrial, residential, agricultural, and auto lines of business. Aon has been intensively using HailCalc Europe over the past two years to run analyses for its client base in Europe."
HailCalc Europe developed its methodology in conjunction with Swiss Re, whose head of atmospheric perils, David Bresch, commented: "The development of the first probabilistic hail model for Europe enabled Swiss Re to estimate the hailstorm risk faced by the insurance industry much more accurately than ever before.”
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