EQECAT Inc., an authority on extreme risk modeling, has released a new generation of WORLDCATenterpriseT, version 3.7, which includes model updates for U.S. Quake, U.S. Hurricane, and Belgium Quake modeling technology.
In addition to model updates, EQECAT’s new version of WORLDCATenterpriseT offers a variety of enhancements to software functionality with new features and reports, all easy-to-use by clients.
“EQECAT is dedicated to developing and maintaining the best technology in catastrophe models, based on the latest and most complete scientific research available,” said Rick Clinton, president of EQECAT. “We are focused on maintaining our superior technology to provide our clients with the most up-to-date and comprehensive catastrophe models. Our clients write global books of business, and they rely upon EQECAT to provide accurate and extensive models to support their business activities,”
The upgrade to EQECAT’s catastrophe modeling software platform incorporates the latest scientific and engineering research, as well as real-world experience as reflected in insurance claims data from recent global perils.
One of the primary new features of WORLDCATenterpriseT is its state-of-the-art automation functionality, enabled by EXtensible Markup Language (XML) technology. This access to accuracy and speed reportedly enables clients to effectively drive revenues, reduce costs in various operational areas, provide faster access and ensure timely and collaborative use of information.
Enhancements to the EQECAT U.S. Hurricane model include up-to-date changes in frequencies and severities, and the incorporation of new scenario events, which take into account the results of the 2004 hurricane season. In addition, WORLDCATenterpriseT incorporates data to account for the 2004 western north Pacific typhoon season.
EQECAT recently offered insurers a comparison test called the ‘2004 Hurricane Challenge’, in which they have consistently demonstrated the ability of EQECAT models to generate better loss estimates for the 2004 storms than other models in use. “We believe insurers and reinsurers should have the most reliable model estimates possible as the basis for their catastrophe management plans going forward,” said Clinton.
For additional information about EQECAT catastrophe models, log on to www.absconsulting.com, or www.EQECAT.com.
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