EigenRisk Adds Reask Models to its Global Catastrophe Risk Management Platform
Relationship Brings New Options for Cyclone, Hurricane Modeling with Timely Post-Event Footprints for Event Response, Parametric Claims and Underwriting Moratoriums
ANN ARBOR, MI, May 24, 2021 – EigenRisk® today announced a new agreement with Reask, a leading science and technology company focusing on natural hazard modeling, to make global cyclone, typhoon and hurricane modeling and event response services available through the EigenPrism® catastrophe risk management platform. The new relationship with Reask adds unique resources that complement the platform’s existing modeling capabilities.
“With increasing numbers of cyclones, typhoons and hurricanes making landfall with greater intensity, damage and loss in all areas of the world, we remain committed to build the most complete platform for catastrophe risk management,” said Deepak Badoni, president, EigenRisk. “Our relationship with Reask brings a dynamic worldwide resource that provides proven capabilities to address all phases of catastrophic wind events, including timely and accurate post-event footprints that are critical to effective disaster response and claims management.”
“We’re pleased to offer our global natural disaster modeling and event response solutions to the global risk management and insurance community through EigenRisk’s platform,” said Thomas Loridan, chief executive officer, Reask. “With demand for our state-of-the-art capabilities increasing rapidly around the world, our relationship with EigenRisk enables us to provide ready access to a growing number of property insurers, reinsurers, brokers and risk managers worldwide.”
Reask offers pre-event, real-time and post-event modeling capabilities for global cyclone, climate and weather-related catastrophes. Its HindCyc Event Response Service is widely used by insurance and reinsurance companies to assess the potential impact of an event on their risk portfolios, so they can define underwriting moratoriums with greater precision, estimate losses for capital reserving, allocate claims resources, and communicate impact to stakeholders. The service also helps determine parametric insurance coverages when policy triggers involve intensity-based measures from its modeled footprint.
About Reask
Headquartered in New South Wales, Reask is a science and technology company applying cutting-edge data science techniques to natural hazard modeling. By applying machine learning, particularly image recognition, to the development of its wind field and terrain models, Reask can process vast quantities of diverse data in calculating post-event footprints, accounting for the complex physics involved in the Tropical Cyclone phenomenon. This includes accurate representation of wind field asymmetry, transitioning storms (from tropical to extra tropical), the interaction with topography and land use and the unique elements of tropical cyclones in different parts of the world. Visit reask.earth.
About EigenRisk®
EigenRisk, Inc., an independent insurance technology firm, helps (re)insurers, brokers and risk managers across the globe manage catastrophe risk, and drive higher growth, customer engagement and operational efficiency. The firm’s cloud-based platform provides one-stop access to powerful data management, geo-visualization, analytics, reporting, modeling, alerts and APIs. These capabilities are integrated with hazard data, event projections and simulations curated from more than 20 leading public and private sources to provide a more dynamic and complete perspective of risk. Visit www.eigenrisk.com.