International

Mapping software for terrorism underwriters

The US based Risk modelling firm, Risk Management Solutions (RMS), has launched a new web based application to help terrorism underwriters gauge the accumulation of exposure in their existing portfolios when they consider writing a new piece of business. Using aerial imagery and mapping software which is constantly updated by satellite feed, the RMS’ Terrorism Risk Management System (T-RMS) will more accurately assess terrorism exposures in specific areas. Underwriters will be able to verify the type and size of the building up for cover, along with surrounding buildings and structures. Tristan Camanga, product manager for T-RMS said that in addition to its accumulation management and risk visualization capabilities, T-RMS incorporates qualitative terrorism risk information from RMS’ proprietary database - such as data on high-risk targets in the U.S. and 20 major international cities including London, Paris, Madrid, Tokyo, Istanbul, and Toronto - and offers thematically shaded terrorism risk maps for major urban centers. These tools enable underwriters to gauge not only the risk of the building in question, but also those in the surrounding area by identifying any likely terrorist targets in the vicinity. Mr. Camanga said that a wide range of terrorist attack modes is also embedded in the system. “An underwriter could, for example, compute the potential impacts from nearly 30 conventional and chemical, biological, radiological, or nuclear attack modes. It also enables underwriters to quantify insured property and business interruption losses, as well as workers compensation, life, health, and personal accident injuries and losses.”