Moody's Analytics claims the Economic Scenario Generator (ESG) software of the year award for the fourth successive year after further developing its ESG offerings for both new and existing clients.

Areas it has specifically focused on in the last 12 months include assessing group-wide economic and regulatory capital, developing capital management strategies and pricing complex embedded guarantees and options.

In addition, the firm has addressed spiralling inflation rates by engaging with clients and regulators regarding the impact of the increased rates in its stochastic models. Specifically, it has hosted workshops and seminars and produced documentation and alternative model calibrations on this topic.

Moody's Analytics says it has also delivered stress testing calibrations to different forward looking expected paths of inflation to support firms looking to understand the sensitivities of their key capital metrics.

Looking ahead, Jack Cheyne, senior director for product management at Moody's Analytics, says combining financial modelling framework with the best climate science consensus enables customers to understand the financial impacts of climate change, which "is a significant focus area" for the future.

"Our climate pathway scenario service facilitates customers' efforts to respond to Orsa and TCFD requirements to quantify the financial impact from physical and transitional risks," says Cheyne.

"Bringing together our expertise in climate, natural catastrophes, economic and market risk offers insurers a deeper understanding of a more integrated approach in this challenging area."