Catastrophe risk management products and services provider Risk Management Solutions (RMS) has released updated versions of two of its catastrophe management software programmes.
The updated products are RiskLink 4.4, RMS’s its core catastrophe modelling software application, and RiskBrowser 4.4, its internet-based underwriting system for property insurance.
The releases include new risk metrics designed to give users a more complete view of account and portfolio risk, said RMS.
They also include Tail Conditional Expectation (TCE) as an additional Probable Maximum Loss (PML) metric to analyze account and portfolio risk.
“TCE analyses the PML of an account or portfolio by looking at the weighted average of all events and their associated probabilities above a certain return period.
“This is particularly important when there are losses farther out on the ‘tail’ of a loss distribution. TCE addresses this by incorporating an analysis of these high severity / low probability losses,” explained the company.
It said functionality had also been added to RiskBrowser to evaluate the impact of adding an account to a company’s existing portfolio.
