Japanese insurer Tokio Marine has strengthened its global commercial partnership with catastrophe risk solutions provider RMS in order to get an accurate, data and technology-based risk view across all perils and markets.
The two parties have been working together for two decades.
RMS models underlie the global view of natural catastrophe risk of Tokio Marine and Tokio Marine entities can avail RMS RiskLink and HD models and RMS Risk Intelligence offerings.
RMS CEO Karen White said: “As we together tackle existing as well as increasing risks such as climate change and extreme weather events, systemic risks, clash risks, cyber, pandemic and infectious disease risks and other perils, meaningful collaboration and partnerships, coupled with leading edge science and technology, are vital.
“We look forward to continuing our work with Tokio to ensure the deepest insights and views of risks, to optimise business outcomes and greater global resiliency.”
The tie-up enables Tokio Marine entities across the world to utilise RMS models, data and applications, and the RMS cloud platform, Risk Intelligence.
Notably, Tokio Marine has worked alongside RMS to develop the Japan Earthquake and Japan Typhoon models.
Tokio Marine uses the RMS RiskLink models. The insurer is also using the existing suite of RMS HD models, including the Japan Typhoon and Flood HD Model as well as the Japan Earthquake and Tsunami HD Model.
Tokio Marine has been already leveraging RMS Risk Modeller and Exposure Manager solutions and now plans to adopt the recent version, Risk Modeller 2.0, as it implements new HD models.
The RMS RiskLink and HD models are deployed on cloud-based Risk Modeller.
Tokio Marine in the news
Earlier this year, Tokio Marine said that it will use an AI-based tool created by technology company Tractable to process auto damage across its operations in Japan.
In October 2019, Tokio Marine agreed to buy American counterpart Privilege Underwriters in a deal worth around $3.1bn.
Last July, Tokio Marine inked a pact with Israel-based Harel Insurance Investments & Financial Services to find and collaborate with technology firms in the digital sector.