Lloyd’s Licenses RMS Catastrophe System

Risk Management Solutions (RMS), a provider of products and services for the management of catastrophe risk, announced that Lloyd’s has licensed the RiskLink catastrophe modeling software which will be used by the Loss Modeling team.

RMS has relationships with 18 of the 20 largest Lloyd’s managing agents. In total, RMS modeling software is reportedly used by 25
of Lloyd’s managing agents representing more than 80% of the total Lloyd’s market capacity.

“Licensing RMS catastrophe models is an important step in developing a more probabilistic view of Lloyd’s risk to natural hazards,” said Paul Nunn, manager of Lloyd’s Loss Modeling Unit. “Additionally, we will use RiskLink output to continue our development of Realistic Disaster Scenario requirements and to monitor catastrophe events as they occur.”

“Recent events have highlighted the importance of catastrophe modeling within a rigorous risk management program,” added Jason Futers, director of the London Market Industry Practice at RMS.