Advanced models and applications now make it possible and more efficient for many insurers and reinsurers to build their own bespoke catastrophe models. Faster computers, sophisticated mapping and graphics technology, and new web services mean you can create your proprietary views of risk scientifically and cost effectively.
By starting with a comprehensive and robust modeling platform, you don’t have to hire dozens of software developers to build your models. The RiskInsight open modeling platform comes with the four components of every catastrophe model: event generation, intensity calculation, damage estimation and financial loss calculation. These components are visible and easily customizable with built-in tools, such as WindfieldBuilder®, HazardMapper™ and DamageRatesManager™.