Insurers and reinsurers will for the first time be able to model the behavior of building fires similar to how they model hurricanes using a new system developed by Risk Management Solutions (RMS).
The new model, called RMS Account Fire Model, is meant for primary commercial and specialty insurers and reinsurers, RMS said.
Craig Van Anne, RMS vice president, said the model allows insurers to analyze not just the extent of loss when a fire occurs but also the probability that a loss will occur. "We're coming up with not only assessments of potential fire loss but also probabilities of experiencing a certain level of loss," Mr. Van Anne said.
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