Inhance® and and FACFinder™ platforms to bring Reask’s HindCyc® and DeepCyc® global cyclone, typhoon and hurricane probabilistic modeling and event response services to the insurance market
ImageCat today announced an agreement with Reask, a leading science and technology company focusing on natural hazard modeling, to make their HindCyc and DeepCyc global cyclone, typhoon and hurricane probabilistic modeling and event response services available through ImageCat’s Inhance® and FACFinder™ solutions.
The new relationship will allow ImageCat to leverage Reask’s innovative hazard modeling capabilities to deliver cutting-edge risk management solutions across the insurance and reinsurance industry.
“We’re excited to make our suite of global tropical cyclone modelling solutions available to risk managers across the insurance community via the ImageCat platforms,” said Thomas Loridan, Chief Executive Officer, Reask. “Providing access to our rapid event response service and probabilistic hazard layers via ImageCat represents a real boost in our ability to support the needs of property insurers, reinsurers, brokers and risk managers worldwide.”
Reask offers pre-event, real-time and post-event modeling capabilities for weather-related catastrophes globally. Its HindCyc Event Response Service is widely used by insurance and reinsurance companies to rapidly assess the potential impact of an event on their risk portfolios and operational costs. The service also helps determine parametric insurance coverages when policy triggers involve intensity-based measures from its modeled footprint. The DeepCyc probabilistic hazard model provides high resolution estimates of surface wind speeds for a range of return periods globally.
“Our partnership with Reask is a major step towards our commitment to bring innovative data and insights to the insurance risk market,” said Shubharoop Ghosh, Vice President of Data Services at ImageCat. “Reask’s globally consistent, climate conditioned tropical cyclone model was developed using highest resolution global datasets and machine learning technologies and we are very pleased to provide access to this unique product through our platform solutions.”
ImageCat’s flagship exposure product, Inhance®, is a ground-breaking solution to exposure data problems and provides a suite of analysis tools to help (re)insurers, managing general agents and brokers visualize their property exposures in terms of completeness, accuracy, and appropriateness.
FACFinder™ is an exposure aggregation and hazard mapping platform for Facultative Insurance underwriters that allows them to monitor exposure aggregation and perform better risk analysis. It provides a quick and simple way to identify existing risk locations and their exposure to hazards and allows them to understand the impacts of adding new facultative locations to their book of business.
ImageCat has recently launched a new venture Resurances, that will bring platform and data models such as Reask’s climate connected Tropical Cyclone models to the insurance market.
ImageCat is an international risk management innovation company supporting the global risk and catastrophe management needs of the insurance industry, governments, and NGOs. As a leading provider of risk and disaster management technologies, ImageCat is highly regarded for cutting-edge products, services, and R&D activities, targeting decision support needs at all phases of the disaster management cycle. Visit http://www.imagecatinc.com