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Applied Research Associates (ARA), the leader in first principles modelling of hurricane hazards and property losses, has joined forces with Simplitium and Oasis to offer a cost-effective solution for companies looking to better understand their U.S. hurricane risk.
ARA and Simplitium have formalised an agreement for ARA’s state-of-the-art cat risk modelling software: HurLoss TM. The agreement ensures the continued availability of the innovative U.S. hurricane model on ModExTM, the catastrophe (cat) risk modelling platform delivered by Simplitium, powered by Oasis Loss Modelling Framework (LMF).
ARA’s U.S. hurricane model provides unparalleled insight into the potential impact of hurricanes before they occur; helping firms effectively manage the total cost of hurricane risk. The probabilistic hurricane hazard models in HurLoss have been the basis for coastal wind maps used by design professionals since 1998. The company’s unique engineering-based approach to wind vulnerability modelling is robust and reliable across the full spectrum of hazard intensities and construction classes. HurLoss has been reviewed and accepted by the Florida Commission on Hurricane Loss Prediction Methodology since 2000. By integrating on the ModEx platform, ARA reaches key players in the (re)insurance industry while only needing to focus on effective model delivery.
“We are pleased to offer our HurLoss model on ModEx to (re)insurers who want a view of risk that is rooted in a deep understanding of surface-level hurricane winds and building performance,” says Frank Lavelle, Vice President and HurLoss Product Manager at ARA. “ARA’s collaboration with Simplitium and Oasis provides the market access to a high quality, transparent, and independent model for the world’s most important region-peril combination via a robust, secure and cost-effective platform.”
“This agreement highlights the steps we are taking to achieve our mission of providing the (re)insurance industry with a deeper understanding of risk,” says Jamie Khurshid, CEO of Simplitium. “We are delighted to work with ARA to offer this innovative model to the market.”
