Boston, MA – May, 2010 – RiskMeter Online, a leader in online hazard mapping, today announced it has formed a partnership with catastrophe modeling firm Risk Management Solutions, Inc (RMS). This alliance will enable RiskMeter users to obtain Average Annual Loss (AAL) and Probable Maximum Loss (PML) metrics for single locations and give them the ability to run RMS® natural hazard reports through RiskMeter.com.
The addition of RMS® AAL and PML metrics is a significant development for RiskMeter users. This information will assist underwriters with pricing policies in catastrophe prone areas, determining if customers have enough coverage and uncovering the effects of a policy on capacity. RiskMeter users will now be able to get AAL & PML data for Earthquake, Windstorm (Hurricanes), Winterstorm and Severe Convective Storms (Tornado & Hail). In addition, RMS natural hazard information for Distance to Coastline, MMI (Mercalli) Scores and Soil Type, as well as proprietary hurricane and earthquake scores and risk profiles will also be available.
This alliance has also addressed the need for straight-through-processing by making RMS reports available through RiskMeter.com. By simply entering in an address, it’s possible to run RMS and RiskMeter reports simultaneously. This feature will reduce redundant data entry and free up underwriters to spend more time on hard to place business.
“We have always made it a priority to offer the most up-to-date data, tools and reports,” explains, Dan Munson, Founder, RiskMeter Online. “We believe this partnership with RMS demonstrates RiskMeter’s commitment by providing users with another tool to help them to quickly assess risk and accurately price policies,” says Munson.
RMS is the world’s leading provider of products, services, and expertise for the quantification and management of catastrophe risk. Founded at Stanford University in 1988, RMS offers technology and services for the management of insurance catastrophe risk associated with natural perils such as earthquakes, hurricanes, and windstorms, as well as products for weather derivatives and enterprise risk management for the P&C insurance industry. Today, RMS also leads the market in risk modeling for man-made disasters associated with acts of terrorism, and has released the first infectious disease model. www.rms.com.