Reinsurer Korean Re has signed an agreement for licensing Moody’s RMS risk analysis models in Europe and Asia.

Catastrophe risk modelling and solutions company Moody’s RMS aids organisations in assessing and handling risks caused by natural and man-made disasters, such as hurricanes, earthquakes, floods and pandemics among others.

The Europe Inland Flood HD Models and Europe Severe Convective Storm (SCS) HD Models leveraging the Risk Modeler application will be licensed under the agreement.

In addition, Moody’s RMS Europe Windstorm Model and earthquake models will also be licensed for use in Europe, Korea, China, Taiwan and Israel.

Korean Re Catastrophe analytics head Chun Baek said: “It is expected that providing wider insights into risk analysis and decision making against recent changes in natural catastrophe will be available by working with Moody’s RMS models.”

The deal is part of Korean Re’s strategy to bolster its risk assessment expertise. This approach could subsequently aid in boosting the support offered to customers through global risk portfolios.

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By GlobalData

Moody’s RMS managing director Andrew Hare said: “As the nature and interconnectivity of risk have grown increasingly complex, it is important that companies can utilise leading science and technology to better understand and decode their risks and portfolios.”

Established in 1963, Korean Re currently has 12 offices worldwide.

Apart from offering reinsurance solutions for engineering, property, casualty, motor, marine, life and health sectors, the company also focuses on non-traditional reinsurance lines.