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EQECAT Releases RQE (Risk Quantification & Engineering) Catastrophe Modeling Platform
By: Business Wire
Jan. 31, 2013 04:01 AM
Today EQECAT announced the release of its RQETM (Risk Quantification & Engineering) catastrophe risk modeling platform that enables clients to quantify and manage the potential financial impact of natural hazards.
RQE version 13 is the result of a multiple-year initiative that involved a significant degree of collaboration with clients, prospects, and industry experts and is the single largest release of its kind. While there are many improvements within the new platform, EQECAT has preserved and leveraged its robust methodology and unique treatment of uncertainty, which are the hallmarks of EQECAT risk modeling.
“We are thrilled that RQE will provide significant and increased value to the global re/insurance market,” commented Bill Keogh, president of EQECAT. “With so much that differentiates us competitively, we look forward to satisfying the pent up demand for our analytics. Having collaborated closely with leaders from virtually every segment and geography in the global re/insurance business, we are confident that RQE will disrupt the status quo of catastrophe risk modeling. All of us at EQECAT thank our existing and new clients for their collaboration throughout this development process and their confidence in RQE.”
Highlights of RQE v. 13 include:
Comprehensive Portfolio Aggregation
Standard output includes both Event Loss Table (ELT) for occurrence-based metrics and Year Loss Table (YLT) for aggregate loss metrics. 3G Correlation™ allows users to aggregate one or more YLTs to create an aggregate YLT. Reports can be generated from the YLT for annual losses, Exceedance Probability (EP) curves and the associated ELT.
New Financial Model
The implementation of the new 4-tier database hierarchy facilitates enhancements that enable more complete loss modeling for excess and surplus (E&S) lines, "step" policies, and other complex financial structures.
Improved User Interface
The release offers users significant improvements to the import process, exposure management and report selection to provide an enhanced user experience.
Improved Import Workflow
RQE v. 13 includes a new import workflow to enable easier input and editing of exposure data.
New Database Schema
This release includes an improved uniform database schema with 4-tier hierarchy at the account and portfolio level.
Significant Improvements in Import Run-time
Clients will experience faster run-times with new and improved import capabilities.
Catastrophe Model Updates
RQE v. 13 includes the update of 178 country/peril models including vulnerability, hazard, and correlation/simulation updates. Hazard and vulnerability have been updated for a number of models to incorporate new scientific research and detailed analyses of claims and exposure data from recent events. Correlation and simulation updates were made to all country/peril models to allow the ability to combine multiple portfolios without the need to re-analyze, using 3G Correlation™.
EQECAT will host a multiple-day conference to enable clients to own their view of risk by providing a thorough understanding of RQE v.13 and the entire EQECAT catastrophe modeling process. The catastrophe modeling conference is being held in Fort Lauderdale, Florida on April 9 – 11, 2013 at the Ritz-Carlton.
Learn more about RQE catastrophe modeling, or read the press release online.
EQECAT connects re/insurance and financial services clients with the world’s leading scientific minds to quantify and manage exposure to catastrophic risk. Leveraging decades of experience, EQECAT’s comprehensive methodology is distinguished by a unique treatment of uncertainty that helps clients set rational expectations about risk.
RQETM (Risk Quantification & Engineering), EQECAT’s new catastrophe risk modeling platform, will provide enhanced functionality and user experience with a new financial model, import workflow, and user interface. Increased analytical speed, expanded reporting, and improved integration capabilities provide clients with increased transparency and faster access to results for 180 natural hazard software models for 96 countries spanning six continents.
EQECAT, a subsidiary of ABSG Consulting Inc., was founded in 1994 and is headquartered in Oakland, California.
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