The rising severity of natural catastrophes – and increased losses from secondary perils – mean insurers recognise the need for more views of risk, and a better understanding of interconnected risk drivers such as climate change and socio-economic factors.
Moody's Intelligent Risk Platform (IRP) wins catastrophe risk modelling solution of the year for the range of innovations introduced during 2024 as the platform capitalises on its position as a cloud-native software-as-a-service for re/insurers and brokers.
Adoption of the platform is accelerating, according to Moody's, with more than 350 clients benefiting from its automation abilities, and ease of integration, to create more efficient end-to end risk modelling workflows.
Building on Moody's commitment to open modelling and following from last year's partnership announcement with Nasdaq Catastrophe Modelling Platform, which broadened user access to over 700 RMS and Oasis Loss Modelling Framework risk models, Moody's launched the Risk Data Exchange in 2024.
The Risk Data Exchange makes interoperability between different model schemas much easier, and facilitates the secure exchange of data between different partners in the value chain.
Moody's has also introduced several new capabilities to IRP to help clients with risk analysis during peak periods throughout the insurance calendar, such as responding to catastrophic events or managing reinsurance renewals.
A Moody's spokesperson says the solutions provider expects catastrophe risk modelling to evolve significantly over the next decade, driven by trends related to climate change, the resilience of supply chains, the growth of alternative capital, and the interconnected and exponential nature of risks.
The spokesperson says: "To address these emerging challenges, we work closely with our customers and align with market needs. We plan to continue our longstanding tradition of innovation. As an example, the continuing development of a range of high-definition models for high-hazard gradient perils such as floods, severe convective storms, and wildfires is helping insurers manage rising losses from secondary perils that impact earnings."
