Agriculture risk models unveiled by RMS

RMS announced the addition of agricultural risk models for India and China to its line of emerging risks models with plans to widen coverage across the Asia-Pacific and the Americas. Mohsen Rahnama, chief risk modelling officer and general manager of the RMS Models & Data group said, “RMS is very well positioned to develop agricultural risk models and help ramp the industry’s understanding of the risk. We understand the framework and principles of the models, and will combine our 30-plus years’ experience in climate hazard modelling with the latest data collection and processing technology, and scientific understanding of the risk, to build the next generation of agricultural risk models for the industry. Also important is the modelling work we do that lies outside our long-established analysis of catastrophe risk for the insurance industry; the recent conclusion of our drought stress-testing project for the banking industry has given us dee insight into the drivers of water scarcity, which is a key hazard for agricultural risk.” To compliment RMS’s model development its parent company DMGT has transferred all the model assets from its AgRisk business to RMS. RMS will leverage the capacity of its global model development operations to provide a complete agricultural risk management service for local and global (re)insurers, such as high-touch modelling support, analytical services, training and event response.