Eqecat, creator of catastrophe risk models, has announced that it will be unveiling its latest three revisions to the Worldcatenterprise 3.16 platform on July 15, 2011. The updates will be made to the Asia typhoon model, the Canada earthquake model, and the North Atlantic hurricane model.
These are only the latest in a number of important revisions that have been made by Eqecat in the cat modeling industry in order to provide insurers with models that will help them to accurately calculate the risk of covering a certain region. They are vital to being able to forecast the occurrence, intensity, and possible effect of various forms of catastrophic events within a geographical area.
- Asia Typhoon Model – the latest changes to the Asia Typhoon Model by Eqecat will now cover eight countries from Malaysia to Japan. These are the countries that are at the greatest risk of exposure to typhoons. It covers an area that is basin wide, as it has been acknowledged that one typhoon can effect several countries at once, and can move through the entire area covered within the model.
- Canada Earthquake Model – the revisions to the Canada Earthquake Model will now include the fourth-generation hazard model produced by the Canadian Geological Survey, in addition to a series of “what if” benchmarking hypothetical and historical events. A further update will also be introduced to include a database for insured exposure, including the policies for the perils that follow the fires and earthquakes.
- North Atlantic Hurricane Model – the updates to the North Atlantic Hurricane Model include the coverage in the Caribbean and Bermuda and then up from Texas along the U.S. coastline to Maine. According to the Model Development senior vice president, David Smith, these revisions are a “high-resolution, detailed time-stepping wind-field model.”