Risk management platform developed in conjunction with RMS
Aspen has announced its launch of a custom-developed risk management platform to identify the concentration of exposures across its reinsurance and insurance portfolios.
“RiskClash” is a bespoke solution developed specifically for Aspen by Risk Management Solutions (RMS.
Whilst previous risk modelling tools employed by Aspen’s catastrophe risk management team were able to aggregate risk according to postal or zip codes, RiskClash is the first system designed to model single site risk accumulation across combined insurance and reinsurance lines down to a city block, subject to data being available.
Oliver Peterken, chief risk officer at Aspen, commented: “The fundamental reason behind the development of RiskClash is our continuing desire to minimise risk and maximise knowledge of our exposure. This is a significant step for both Aspen and the market. The new system provides numerous benefits to our risk management, but most importantly it means we can provide a higher quality of underwriting.”