Impact Forecasting, the catastrophe modelling team of broker Aon, has further strengthened its reputation by winning InsuranceERM's catastrophe risk team title for the fifth consecutive year.
The firm's Catastrophe Toolkit aims to evolve traditional catastrophe modelling for reinsurance to help insurers analyse the financial impact of such perils. The toolkit also includes the ELEMENTS platform designed to provide catastrophe modellers, risk managers and re/insurance underwriters with an end-to-end offering for quantifying and understanding catastrophe risk.
Jakub Aska, business development executive at Impact Forecasting, stresses the importance of listening to clients and translating their needs into a development roadmap.
"At the same time, we have a clearly defined plan that incorporates the latest trends in the catastrophe model industry," Aska says.
"Also, apart from developing models for peak perils across the globe, we aim to fill the gaps in unmodelled perils and territories with an expanding set of catastrophe models in Apac and Latin America, and also respond to specific projects for clients for given territories or lines of business."
In a busy 12 months, Impact Forecasting has managed event response for severe flooding in Germany, and expanded its automated loss projection service to include Japanese typhoons.
Aska adds the team was also heavily involved in successfully receiving approval by the Florida Commission on Hurricane Loss Projection Methodology for its Florida hurricane model.
"This was a very comprehensive model evaluation process, and the positive outcome is a major milestone for our activities in the US market, where the model can be used for rate-filing in the state.
Looking ahead, Aska says the company is actively behind initiatives dedicated to increase choice, transparency, and interoperability in the catastrophe model industry.
"We are also working hard on new model releases and updates – there is a lot in our development roadmap for US and European perils as well as we plan to introduce some new models for Apac."
