AXA XL Risk Consulting today announced the launch of a new risk modelling service, Portfolio Catastrophe Loss Modelling. Designed for large international companies, the service helps risk managers assess their sites’ exposure to natural hazards, their accumulation risk and, ultimately, refine their insurance coverage.
This new service draws on a three-step risk assessment method:
- Identifying and defining natural hazards, their frequency and intensity, based on historical data and modelling (seismological, geophysical, hydrological and climatological);
- The assessment of the vulnerability of the companies’ sites, accounting for type, design and quality of construction, etc.;
- The assessment of probable financial losses, including the damage to buildings, equipment, stock and impact on business.
The assessment, which can be generated for all a company’s sites or narrowed down by country or region, allows risk managers to better understand their exposure to natural hazards and to implement risk management and risk transfer measures that accurately suit their needs.
Corinne Vitrac, Head of AXA XL Risk Consulting, commented: “For the fourth year in a row, climate-related risks ranked first in AXA’s emerging risk survey. AXA XL offers a range of sophisticated solutions to help companies transfer those risks. As risk engineering experts, we believe however that we have to go even further in supporting our clients. A well-managed hazard is a risk that is identified, understood and assessed. And that is exactly what our new risk modelling service allows for.”
Maxime Ambourg, Risk Consulting Manager for Innovation & Business Development at AXA XL Risk Consulting, explained: “The value of this new service lies in what makes AXA XL Risk Consulting a leading player in risk engineering: a team of experts in natural hazards and risk modelling, our experience in understanding NAT CAT risks, and our ability to innovate. This tool allows risk managers to take the lead in modelling their company’s risks.