Verisk has announced the launch of its Next Generation Models (NGM), a comprehensive suite of over 100 natural catastrophe (nat cat) models designed to “reflect anticipated insured losses from extreme events more accurately than ever before.”
The cat modelling firm said that NGM will provide a more accurate and complete perspective on risk assessment for (re)insurers by enhancing technical price estimates, refining risk differentiation for sub-perils, and improving tail risk representation.
The launch will see Verisk update its full suite of models to the next generation framework, with a spokesperson confirming the NGM encompasses Asia Pacific models.
Verisk said the NGM also provides expanded capabilities, including alignment with complex insurance policy structures, more comprehensive risk management, financial modelling improvements, and enhanced workflows.
Rob Newbold, President of Extreme Event Solutions, acknowledged that the insurance industry is evolving and creating new and innovative methods for writing policies in a more complex risk environment. “By rebuilding the financial modelling framework that sits behind Verisk’s catastrophe models, we are providing the industry with more flexible and robust tools for underwriting, pricing new business, and managing portfolio risk,” Newbold said.
Verisk said NGM is now available on its catastrophe risk management software platform, Touchstone.
