Home |
News & Media
EQECAT Releases New Generation Of WORLDCATenterprise™
Version 3.7 Incorporates Model Updates And Software Enhancements
Oakland, California, July 13, 2005
EQECAT, Inc., the leading authority on extreme risk modeling, today released a new generation of WORLDCATenterprise™, version 3.7, which includes model updates for U.S. Quake, U.S. Hurricane, and Belgium Quake modeling technology.
In addition to model updates, EQECAT’s new version of WORLDCATenterprise™ offers a variety of enhancements to software functionality with new features and reports, all easy-to-use by clients.
“EQECAT is dedicated to developing and maintaining the best technology in catastrophe models, based on the latest and most complete scientific research available,” said Rick Clinton, president of EQECAT. “We are focused on maintaining our superior technology to provide our clients with the most up-to-date and comprehensive catastrophe models,” Mr. Clinton said.
“Our clients write global books of business, and they rely upon EQECAT to provide accurate and extensive models to support their business activities,” he said.
The upgrade to EQECAT’s catastrophe modeling software platform incorporates the latest scientific and engineering research, as well as real-world experience as reflected in insurance claims data from recent global perils.
“We are service providers adapting our software to the workflows of our clients. This has been highlighted by the software enhancements that are made available in the WORLDCATenterprise™ version 3.7. Further, the enhanced WORLDCATenterprise™ platform will enable clients to create “custom regions.” The custom-region functionality enables multiple countries and regions to be selected by a client, and incorporated into their program, resulting in a more detailed business-customized analysis,” Mr. Clinton said.
One of the primary new features of WORLDCATenterprise™ is its state-of-the-art automation functionality, enabled by EXtensible Markup Language (XML) technology. This access to accuracy and speed enables clients to effectively drive revenues, reduce costs in various operational areas, provide faster access and ensure timely and collaborative use of information.
Enhancements to the EQECAT U.S. Hurricane model include up-to-date changes in frequencies and severities, and the incorporation of new scenario events, which take into account the results of the 2004 hurricane season. In addition, WORLDCATenterprise™ incorporates data to account for the 2004 western north Pacific typhoon season.
“Updates to EQECAT’s Hurricane model maintain our technological leadership,” said Mr. Clinton. “We are confident that our model is the most accurate in the industry. To prove that, we as a company have offered the ‘Hurricane Challenge’ to the industry,” Mr. Clinton said.
EQECAT recently offered insurers a comparison test called the ‘2004 Hurricane Challenge’, in which they have consistently demonstrated the ability of EQECAT models to generate better loss estimates for the 2004 storms than other models in use. “We believe insurers and reinsurers should have the most reliable model estimates possible as the basis for their catastrophe management plans going forward,” said Mr. Clinton.
For additional information about EQECAT catastrophe models, please log on to www.absconsulting.com, or www.EQECAT.com, e-mail solutions@eqecat.com or call the EQECAT hotline 510 817 3101.
EQECAT Serves Global Clients Through Extensive WORLDCATenterprise™
Through its user-friendly, extreme-risk modeling software, WORLDCATenterprise™, EQECAT enables clients to assess and manage potential damage and loss from wind, earthquakes, flood, wildfire, and terrorism, among other perils. WORLDCATenterprise™ includes 167 natural hazard software models for 88 countries spanning six continents.
EQECAT, and its parent ABS Consulting, serve the global property and casualty insurance industry, major multinational corporations and financial institutions. EQECAT is known as the technical leader and innovator in the development of analysis tools and methodologies to quantify insurers and major corporations’ exposure to natural and man-made catastrophic risk.
EQECAT was founded in 1994 and is headquartered in Oakland, California. For additional information, please log on to www.absconsulting.com, or www.EQECAT.com.
For more information, contact:
Thomas Larsen
EQECAT, Inc.
1-510-817-3100 | tlarsen@absconsulting.com
Eric R. Samansky
The Samansky Group
1-516-319-0858 | eric@samanskygroup.com
|
