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Member, Beacon International Group, Ltd.
LONDON Risk Management Solutions Inc., the Newark, Calif.-based modeler, has released an updated version of its European earthquake model.
The model, which previously only covered Italy, has been expanded to include Austria, Belgium, Germany, Switzerland, Lichtenstein, and Monaco, the company announced Tuesday.
The original Italian model came out in 1996, with a minor update in 2001, according Andrew Sorby, model manager in RMS' London office.
The new release is the first time that the whole model and all of its components are being updated, he said.
"This is certainly the first model where we have such detailed resolution across a number of countries within Europe," Mr. Sorby said in an interview. "It is bringing that detailed and higher resolution modeling to the insurance markets of Europe for the earthquake peril."