Author: Risk Management Solution Inc. (founded at Stanford University)
Year of publication: 2014
Available languages: English
Type of assessment: Comprehensive impact and risk assessment
Format of assessment: Software
Estimated costs for conducting: No information
Estimated duration of assessment: No information
To be carried out by whom: Private individuals and firms
Institutional scale of use: Continental
Details: Enterprise level
Assesment to be used by which target audience: Private sector representatives/SME owners
Details: Insurers, reinsurers, intermediaries
Output: Report
Region of origin: North America
Developed by which sector: Science
Applied in practice: Yes
Geographic coverage in analysis: Worldwide
Potential geographic coverage: Worldwide
Sectors covered: Financial sector
Method used: Quantitative model
Description of methodology: A computer-based model that assesses the impact of natural or human-made catastrophes, estimates physical damage to property and contents, and assigns probabilities to the range of possible outcomes, to estimate financial loss from such perils as earthquakes, hurricanes, winter storms, infectious disease, or acts of terrorism.
Risk framework used: Broad risk mapping according to different definition
Hazards and impacts considered in the assessment: Cyclone (including tropical storm, hurricane and typhoon), Flood, Wildfire
Details: Complete reconstructions of historical events
Participatory elements: Partly
Details: From the executive to the underwriter, users can interact with and interpret data and results to find the answers that drive better risk management decisions
Consideration of interconnectedness and -dependencies of risks: Yes
Adressing uncertainty: Yes
Details: Insight into uncertainity: RMS models, delivered in RMS(one)™, are built with the agility to access and adapt to ongoing learning, the capacity to understand and test assumptions, and the flexibility to build your own view of the risk, leveraging your own experience and knowledge.
Scope of assessment: Identification of risks
Economic/Non-Economic losses incorporated: Both
Applicability for entire risk spectrum (from extreme weather events to slow onset processes): No
Recommendations for Adaptation measures included in Climate Risk Assessment: No
Applied by whom: Not specified
Open access: Only brochure of the digital tool is open access