Aon Benfield has launched version 9.5 of loss calculation platform Elements in an effort to highlight how working with third parties can bring new opportunities.
These include running third party models in Elements or using the platform to run models in various third party formats.
Ambiental has made available its new Australia FloodCat probabilistic model via Elements. This enables insurers and reinsurers to quantify previously non-modelled flood risk in Australia in an established environment of Elements, minimising the need to learn and manage a new platform.
Justin Butler, founder and CEO of Ambiental, said: “We chose Elements as it offers a highly customisable, easy-to-use, open and transparent platform which will helps users get up-and-running quickly.”
“Their rigorous approach to back testing allows insurers to be confident in their underwriting and capital allocation decisions.”
Elements 9.5 is able to run models in the Oasis pre-calculated format for hazard and vulnerability. By embracing the use of the Oasis format, Aon’s Impact Forecasting is enabling model developers to deploy their models in a full production environment.
Adam Podlaha, global head of Impact Forecasting, commented: “We are committed to exploring ways to make the most of catastrophe models by working together as an industry.”
“The open and customisable Elements platform helps to mitigate the need for insurers to install and learn new systems when looking to implement new models. We are pleased that we can play a part in this trend for greater collaboration.”
New catastrophe models have been made available in the latest version of Elements, including updated US riverine flood, severe thunderstorm, Arabian Peninsula earthquake, and Greece and Cyprus earthquake models.
The platform also features Asia Realistic Disaster Scenarios for earthquake in Thailand, Indonesia, and the Philippines, and flood in China and Vietnam.
