EQECAT has released version 3.13 of its WORLDCATenterprise modeling software platform. Enhancements to the new version included faster run time for the product's EuroFlood model and the addition of data to its North Atlantic Hurricane model.
The improvements to WORLDCATenterprise are based on new science and data, as well as other relevant information about North Atlantic hurricanes, European floods and earthquakes, particularly in the Himalayan Frontal Thrust region and South America, according to the vendor.
"In addition to updating EQECAT's capabilities for a number of peril models, we have also made several enhancements to software functionality to provide clients with faster access to data and results," comments Bill Keogh, senior vice president, EQECAT. "These updates provide our clients with the benefit of the most up-to-date science and engineering advances and a robust platform to efficiently quantify and manage risks."
Among the changes, EQECAT's EuroFlood model moved to the WORLDCATenterprise platform from a related software platform. As a result, run times are significantly faster and larger portfolios are accommodated, EQECAT claims. EQECAT's EuroFlood is a fully probabilistic tool, enabling insurers to assess building asset exposure to virtually all flood types across Germany and the Danube in Austria. Future versions will expand this capability to neighboring European countries, according to the vendor.
Within the new version, EQECAT's North Atlantic Hurricane model was updated to be consistent with the National Hurricane Center's historic data as of June 1, 2008 and the complete 2008 hurricane season. The EQECAT model is a probabilistic tool designed to estimate damage and insured losses from hurricanes in the mainland United States, the Caribbean, the Bahamas and Bermuda, the vendor says.
EQECAT says it has also added to its U.S. Offshore Energy Stock, a database of insurable offshore energy infrastructure in the U.S. Gulf of Mexico. The data covers offshore platforms, drilling rigs and pipelines. By using the data, clients will be able to gain an industry-wide, ground-up view of energy risk in the Gulf of Mexico, according to EQECAT. The data set is based upon a format which allows direct import into the U.S. Offshore Energy Model (EQECAT OEM.).
Other enhancements made in EQECAT's version 3.13 software platform include updates to models regarding earthquakes in South America and related areas and the Himalayan Frontal Thrust area in Asia, reflecting vulnerability functions based upon recent events in those regions, the vendor says. Additionally, the vendor says its EQESTOCK database for Japan, Canada and the U.S. were updated to incorporate recent research and market intelligence regarding exposure data and policy structures.
EQESTOCK portfolios provide a statistical estimate of residential, commercial and industrial in-force property insurance exposures based upon typical wind and earthquake insurance policies and include information such as market penetration, deductibles, limits, and coverages, EQECAT says.
Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio