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In This Issue
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Featured
WebEx: Managing Hail & Tornado Risks
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RiskMeter
Moves CA & WA Tsunami Reports to Live Server
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Tsunami
Exposure Reports
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Report
Spotlight: Dam Inundation Areas
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RMS
Version 11.0 Hurricane Model is Live
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Featured
WebEx: RMS Data & Analytics
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RiskMeter's
Cat Modeling Products Offer 2nd Opinion
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MGAs
and Multiple Custom Coastlines
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EQECAT
US Earthquake Fact Sheet
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Featured
WebEx Recording: The Importance of Building Characteristics in
Catastrophe Modeling
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Featured
WebEx: Recordings
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Upcoming
Events
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Online
Training Schedule
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Unsubscribe
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Featured WebEx: Managing
Hail & Tornado Risks - A New Type of Analysis
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The recent tornado
outbreaks have been devastating to victims and insurers bottom
lines. Loss estimates for the recent storms have been as high
as $6 billion,
and in general, hail and tornado losses have been growing over the
past couple of years. Carriers writing in the Midwest are starting to
ask, "How
can we manage this growing threat?"
For years, RiskMeter has offered the CDS Hail & Tornado
models. These models, based upon historical data, can identify
the areas that are most at risk for losses from these perils.
Typically, we rank locations on a score from 0 (no risk) to 5
(extreme risk). However, there are limitations to these models.
This approach can identify high risk areas, but there are large areas
of the Midwest that match this description. So something more,
some additional type of analysis must be done to take things a step
further...
The second piece of the puzzle is concentration risk. The question is
not simply where is the risk, but where is the greatest exposure to
these risks? And where could the biggest
loss occur, and how much is at risk? With this new analysis, we
combine the hail/tornado scoring with concentration analysis to give
you a complete picture of risk. With this information, we can
help you to answer the questions posed above. Then you can take
actions to limit your exposure in the high risk areas. For
example, to put a moratorium in place in the areas where the hail/tornado
frequency is high, and you have very high policy
concentrations. We can show you where these specific areas are.
If you are interested in learning more, contact Daniel Munson,
Founder, RiskMeter Online at
617.737.4444 or Email
On Wednesday,
June 15th at 2PM (EDT) Daniel Munson, Founder,
RiskMeter Online will demonstrate our hail & tornado reports,
talk about risk mitigation strategies and answer questions. To
reserve your spot, register here
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RiskMeter Moves CA &
WA Tsunami Reports to Live Server
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As we all know, a
tsunami was the result of the earthquake that recently hit Japan
after the March 11th earthquake. Did you know the maximum run
up from this event reached 37.9 meters (124 feet) in height? While
most insurers are aware of the risk of earthquake in the western US,
and have taken steps to mitigate this risk, how many have done the
same for a tsunami? As
the Tsunami caused incredible devastation in Japan, it could happen
here, too. Even the recent Tsunami that hit
Japan had a small impact on CA, but it resulted in an estimated $50
million in damage!
RiskMeter has moved its Tsunami reports for California and Washington
to our live servers. We
now provide Tsunami coverage for CA, HI, OR and WA.
We've digitized the tsunami evacuation maps for these states and can
tell you within a matter of seconds if a policy falls into one of
these evacuation zones. This report can also be run in batch to
identify tsunami risks in your book of business. For more
information, please contact Amanda Brax at 617.737.4444
or Email
Related Article: 38-meter-high tsunami triggered by March 11
quake
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Tsunami Exposure Reports
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After the recent events in Japan some insurers
suffered losses along the coasts in California, Hawaii, Oregon and
Washington. This event made insurers wonder what would happen
if a closer or larger tsunami struck Hawaii or the West Coast.
In order to gain more insight into their Tsunami Exposure, some of
our customers who write business in those states have been leveraging
our Tsunami, Distance to Coast and Elevation reports. By
running all three reports at once, underwriters and agents are now
able to gain more insight into their Tsunami exposure, uncover niche
markets and accurately price risk. For more information about
pricing or running your book of business, please speak to Amanda
Brax, Account Executive at 617.737.4444
or Email
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Report Spotlight: Dam
Inundation Areas
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Since the
earthquake in Japan, lots of publications have been talking about the
next big one for California. One area of concern would be how
various dams throughout the state would handle a large seismic
event. As the Tsunami was a secondary source of loss from the
earthquake, flooding from a dam failing can be catastrophic as
well. In fact, the Isabella Dam is considered at risk due to a
fault, and could flood most of Bakersfield! Many companies
haven't considered this as a significant source of risk. We
have. In order to help our users assess this risk, we've added
California Office of Emergency Services (CA OES) Dam Failure
Inundation Area maps to RiskMeter.
CA OES Dam Failure Inundation Maps were created to protect property
and life from threatened or accidental dam failure. These maps
are based on a
worst-case scenario in which a reservoir is filled
completely and a dam fails immediately. By simply typing in an
address, it's possible for RiskMeter users to see if a policy falls
into one of these areas.
With this report it should be noted that these maps do not identify areas of
potential flooding resulting from storm or other causes, and
properties located outside an area of potential flooding (like FEMA
Flood Maps) may still be prone to flooding. To
assess this risk further, we recommend running our flood elevation
report in conjunction with this report. These reports can be
run in batch to identify all of the policies that might be affected
by a dam failure in your book of business.
For more information, please contact Daniel Munson, Founder,
RiskMeter Online at 617.737.4444
or Email
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RMS Version 11.0 Hurricane
Model is Live
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RMS' version
11.0 hurricane model is now live on RiskMeter Online. Catastrophe
models are unlike other models of insured loss, having a relatively
small number of historical data points compared to, for example,
highly predictive auto claims models. Thus, catastrophe modeling
methodologies and data continue to advance. Enhancements in RMS'
version 11.0 hurricane catastrophe model have principally come
through the availability of more and better data on hurricane
behavior pre- and post-landfall, due to increased instrumentation,
(10 times as much detailed wind speed data available compared to
eight years ago when hurricane hazard model was last updated),
together with ongoing increases in computing power, enabling more
simulations and at higher resolution than previously.
As a result of the model changes, RMS expects to see wind risk
increase for all hurricane states on an industry-wide basis. However,
individual portfolios will differ considerably depending on the
region and line of business. On a wind-only basis, portfolios
concentrated along the coast will show the smallest increase in wind
losses, and may even decrease in some regions. Portfolios consisting
of non-coastal exposure and commercial or industrial business will
generally show the largest increases. Article
If you are interested in adding RMS modeling to your account or for
more information, please contact Daniel Munson, Founder, RiskMeter
Online at 617.737.4444
or Email
References
Article 1
Article 2
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Featured WebEx: RMS Data
& Analytics
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A little over a
year ago RiskMeter Online announced it had formed an alliance with
catastrophe modeling firm Risk Management Solutions (RMS). Through
this partnership, RiskMeter users can get RMS hazard data and ground
up Average Annual Loss (AAL) and Probable Maximum Loss (PML) metrics
for the following natural hazard risks:
- Earthquake
- Windstorm
(Hurricanes)
- Winterstorm
- Severe
Convective Storm (Tornado & Hail)
Underwriters and MGAs will now have access to RMS'
industry leading data from their desktops by simply entering in a few
pieces of information. In addition, these reports can be run
anytime, anywhere and results can be returned in minutes.
RMS hazard data retrieved through RiskMeter includes: Distance to RMS
Coastline, MMI (Mercalli) Scores, Soil Type and much more. RMS'
proprietary hurricane and earthquake scores and risk profiles are
also available.
Registration
Information
Time: Thursday, June 16 at 2PM (EDT)
Open to: Customers & Prospects
Duration: 45 minutes with 15-20 minutes Q&A
Registration: here
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RiskMeter's Cat Modeling
Products Offer 2nd Opinion
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Many of our customers have commented that
occasionally, the results from their cat models seem off on
individual risks. There may be some peculiarity about the risk
the model has a problem with. Since many companies only use one
model, they really have no way to verify results to make sure they
seem reasonable. The RiskMeter Online now makes this possible!
The RiskMeter now offers Average Annual Loss (AAL) and
Probable Maximum Loss (PML) on a per click basis. We offer them
from two of the leading cat modeling firms - RMS and EQECAT. So
if you want to use one of these models to compare the results of your
in-house model(s), now you can! We make this affordable
because there is no upfront license fee! To learn more or to
get a two week trial account, please contact an account executive at 617.737.4444
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MGAs and Multiple Custom Coastlines
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MGA's quite often write for more than one
carrier. When measuring the distance to coast, this can be
problematic. There is no agreed upon standard as to what the
coastline is. Therefore, various carriers can interpret the
distances differently, which causes confusion for the MGA. The
MGA may not know exactly how a carrier measures the distance to the
coast. For the MGA, this makes calculating the distance to
coast confusing and time consuming. Also, if the MGA is not
using the carrier's custom coastline, they may actually get back
different distances than the carrier!
The RiskMeter has a
solution. On a single RiskMeter account, multiple coastlines
can be used. So if an MGA works with four different carriers,
the RiskMeter can return four separate answers. This way, you
could get the correct answer for each carrier. But to do this,
we need the help of the MGA community. Let us know what
carriers you need coastlines for. Also, speak with your
carriers, and let them know how much this would help you. If we
can get each carrier
to define their custom coastline for us, we can load them on your
RiskMeter account if you write business with them. This way,
you would type in the address once, and get back the distance to each
carrier according to their rules. The custom coastlines can
also be used with our web services, which enables straight through
processing. For more information, contact Brad Sherwin 617.737.4444
or Email
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EQECAT Hurricane and
Earthquake Fact Sheets Added to Resources Section.
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We've just added a
fact sheets for EQECAT's Hurricane and US Earthquake Model into our
resources section. These fact sheets contain information on the
sources and methodology behind the models. These sheets can be
used by brokers to explain how the model works to their
clients.
To view this fact sheet you will need to log into your
account. Once you've logged in, you'll notice several hyperlinks
(view address, new account, etc) on the bottom of the page. All
you need to do is click on the glossary/resources link,
and you'll be taken to a landing page, which contains the
resources link.
For more information, please contact Ryan Turgeon,
Customer Support & Training at 617.737.4444 or Email
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Featured WebEx Recording:
The Importance of Building Characteristics in Catastrophe Modeling
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Recent modeling
changes are leading to higher PML estimates for carriers. These
changes will have a ripple effect throughout the insurance industry.
But one more thing is almost sure to happen; carriers will be paying
more for reinsurance..a lot more. This development has led carriers
to search for ways to reduce the amount of reinsurance they need to
buy. Look no further, the RiskMeter can help!
The importance of building characteristics can be felt throughout the
insurance industry from Reinsurers all the way down to Brokers.
When building characteristic information isn't provided, it's common
for year built,
number of
stories, roof
shape, etc., fields to be labeled as "unknown"
during
the modeling process. Article
If you missed our Featured WebEx on Tuesday, May 17th about the
Importance of Building Characteristics in Catastrophe Modeling, you
can get a recording by contacting Ryan Turgeon, Customer Support
& Training at 617.737.4444
or Email
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Featured WebEx Recordings
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Over the last few months we've recorded Webinars on
various subjects. If you were too busy to attend any of these
information packed sessions you're in luck!
We have also recorded some other notable events,
including: The Importance of Building Characteristics in Catastrophe
Modeling, Parcel Level Geocoding, RMS Data & Analytics, Advanced
Flood, Flood Elevation & Storm Surge, EQECAT US Wind AAL &
PML and Virtual MGA Integration of RiskMeter Online.
To request a recording link or PowerPoint
presentations, please contact Ryan Turgeon, Customer Support &
Training at 617.737.4444 or Email
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Upcoming Events - Meet the
CDS Team!
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RiskMeter Online
will be attending or exhibiting at the following upcoming
conferences. Whether you're a customer or prospect, we'd love to
meet with you onsite at these exceptional events! Don't
hesitate to stop by our booth or if you wish to schedule an
appointment, please contact Daniel Munson (Email) or Bradley Sherwin (Email)
at 617.737.4444
AAMGA Annual
Meeting
May 22-25, 2011 * Orlando, FL
IASA Annual
Conference
June 5-8, 2011 * Nashville, TN
FAIA Annual
Conference
June 9-11, 2011 * Orlando, FL
Texas
Surplus Lines Association
June 17-20, 2011 * Park City, UT
PCI IT Tech
October 2-5, 2011 * Charlotte, NC
NAPSLO
Annual Convention
October 10-13, 2011 * San Diego, CA
Target
Markets 11th Annual Summit
October 24-26, 2011 * Scottsdale, AZ
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Online Training
Schedule
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In order to help
you utilize the RiskMeter Online more effectively, we are now
offering complimentary training to all of our customers. This
is a great way for your organization to have its most pressing
questions answered, learn about the latest risk reports and discover
how to utilize cutting-edge features, such as: Birdseye Geocoding,
One Click
Ruler and Manual
Placement.
To attend any of
the complimentary training sessions, please register here
Western Risks
Wednesday, June 1, 2011
2PM - 3PM (EDT)
National
Risks
Wednesday, June 8, 2011
2PM - 3PM (EDT)
Western
Risks
Wednesday, June 15, 2011
2PM - 3PM (EDT)
National
Risks
Wednesday, June 22, 2011
2PM - 3PM (EDT)
Western
Risks
Wednesday, June 29, 2011
2PM - 3PM (EDT)
Featured
WebEx Event: Hail & Tornado Risks
Date & Time: Wednesday, June 15th at 2PM (EDT)
Open to:
Customers & Prospects
Presenter:
Dan Munson, Founder, RiskMeter Online
Duration:
45 Minutes with 15-20 Minutes Q&A
Registration:
here
Featured
WebEx Event: RMS Data & Analytics
Date &
Time: Thursday, June 16th at 2PM (EDT)
Open to:
Customer & Prospects
Presenter:
Dan Munson, Founder, RiskMeter Online
Duration:
45 Minutes with 15-20 Minutes Q&A
Registration:
here
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