Company hopes to finalise the deals in the next few months
Risk modelling firm EQECAT is poised to sign data-sharing deals with its main rivals RMS and AIR Worldwide to make it easier for clients to use multiple models. Speaking to Global Reinsurance at the Monte Carlo Rendez-Vous yesterday, EQECAT president Bill Keogh said: “It is not finalised yet. We hope to make an announcement soon. It should be within the next few months.”
Keogh added that the latest version of EQECAT’s RQE catastrophe model platform, which is being launched in October, would also make it easier for clients to use multiple models.
He said: “The RQE platform that is coming out in October will have a greatly simplified ability to bring in exposure data from other modelling formats. We have completely rebuilt the input process and simplified the mapping. That is something our clients requested and we have been happy to do.”
The news comes as reinsurance brokers continue to call for clients to use multiple models and develop their own view of a risk rather than relying solely on external sources.
RMS and AIR have already responded to the calls. They announced a data-sharing deal in March, and observers felt it was only a matter of time before EQECAT followed suit. Keogh contends that EQECAT was an advocate of clients using multiple models, having their own view of risk and striving to understand how the diff erent models generate their outputs.
He said: “Having one monolithic view of risk for the whole world based on a single model is not healthy. There is so much uncertainty in the risk that it would really be impossible to have a consensus.”