EQECAT announced the release of its new catastrophe modeling platform, RQE™ (Risk Quantification & Engineering) version 13 on January 31, 2013. The release of the new platform, which replaced WORLDCATenterprise™, is the result of a multiple-year initiative that involved a significant degree of collaboration with clients, prospects, and industry experts. RQE v. 13 is the single largest release of its kind.
RQE (Risk Quantification & Engineering) 4-Tier Database Hierarchy
While there are many improvements within the new platform, EQECAT has preserved and leveraged a robust methodology and unique treatment of uncertainty, which are the hallmarks of EQECAT modeling.
Key aspects of RQE catastrophe modeling software include the following features:
RQE v. 13 includes the following enhancements:
Standard output includes both Event Loss Table (ELT) for occurrence-based metrics and Year Loss Table (YLT) for aggregate loss metrics. 3G Correlation™ allows users to aggregate one or more YLTs to create an aggregate YLT. Reports can be generated from the YLT for annual losses, Exceedance Probability (EP) curves and the associated ELT. The aggregate YLT can then be input to a further aggregation to model different perspectives of risk. This process may be repeated as often as necessary.
The implementation of the new 4-tier database hierarchy facilitates enhancements that enables more complete loss modeling for excess and surplus (E&S) lines, "step" policies, and other financial structures.
The release provides users significant improvements to the import process, exposure management, and report selection to provide an enhanced user experience. A completely new user interface is planned for a future release.
RQE v. 13 includes a new import workflow to enable easier input and editing of exposure data.
This release includes an improved uniform database schema with 4-tier hierarchy at the account and portfolio level.
Clients experience faster run-times with new, improved import capabilities.
Model changes can seem overwhelming. This is why EQECAT has developed a new industry leading change management process that allows client organizations to prepare their business processes, people, and technology for upcoming releases and resulting changes. EQECAT has adopted industry best practices and incorporated client feedback to develop a process that enables clients to implement our new platform and updated country/peril models with the fewest possible interruptions and minimize complications.
EQECAT's ultimate goal is acceptance and integration of the new release in client workflows. EQECAT collaborates with clients throughout the entire change management process - prior to, during, and after release - to ensure all clients' concerns and needs are met.
RQE v. 13 includes the update of 178 country/peril models including vulnerability, hazard, and correlation/simulation updates. Hazard and vulnerability have been updated for a number of models to incorporate new scientific research and detailed analyses of claims and exposure data from recent events. Correlation and simulation updates were made to all country/peril models to allow the ability to combine multiple portfolios without the need to re-analyze, using 3G Correlation™.
Earthquake Models
Vulnerability updates for 84 countries
Hazard updates for 35 countries
Correlation/simulation updates for 88 countries
Tropical Cyclone Models
Vulnerability updates for 24 countries
Hazard updates for 27 countries
Correlation/simulation updates for 48 countries
Windstorm Models
Vulnerability updates for 36 countries
Hazard updates for 6 countries
Correlation/simulation updates for 36 countries
Flood Models
Correlation/simulation updates for 2 countries
Other Model Updates
Correlation/simulation updates for US Severe Convective Storm, US Winter Storm, US Offshore Energy, and US Wild Fire
Updates to 77 country/peril models including transition to a single, unified methodology for consistency across all models
EQECAT updated the methodology for 77 country/peril models covering 64 countries to enable uniform data import and results for all country/peril models in the new platform. The 77 country/peril models include 49 earthquake models, 14 tropical cyclone models, and 14 windstorm models.
Table 1: Earthquake Model Methodology being updated in RQE v. 13
| Anguilla | Guadeloupe | Martinique |
South Africa |
| Antigua and Barbuda | Haiti | Montserrat |
South Korea |
| Aruba | Hong Kong | Netherlands Antilles |
Spain |
| Australia | Indonesia | New Zealand |
Thailand |
| Bahamas | Israel | Oman | Trinidad & Tobago |
| Bahrain | Italy | Philippines | Turks & Caicos |
| Barbados | Jamaica | Portugal | United Arab Emirates |
| Cayman Islands | Kenya | Qatar | Virgin Islands (British) |
| China | Lebanon | Saint Kitts and Nevis | Virgin Islands (US) |
| Cyprus | Macau | Saint Lucia | Yemen |
| Dominica | Malawi | Saint Vincent and the Grenadines | |
| Dominican Republic | Malaysia |
Saudi Arabia | |
| Grenada | Malta | Singapore |
Table 2: Tropical Cyclone Model Methodology being updated in RQE v. 13
| Australia | Guatemala | Oman | United Arab Emirates |
| Colombia | Honduras | Pakistan | Venezuela |
| Costa Rica | India | Reunion | Yemen |
| El Salvador | Mexico |
Table 3: Windstorm Model Methodology being updated in RQE v. 13
| Argentina | Greece | Malta | South Africa |
| Brazil | Israel | New Zealand | Spain |
| Chile | Italy | Portugal | Turkey |
| Cyprus | Lebanon |
RQE v. 13 includes the following updates to earthquake models in Australia and Europe:
The Australia Earthquake Model is fully updated, implementing the forthcoming 2012 hazard model by Geosciences Australia (GA), which EQECAT secured in advance of publication through professional contacts with GA. RQE's event set includes large-magnitude events from subduction sources in New Guinea and southern Indonesia, which despite their distance, contribute materially to risk on the north and northeast coasts. Spectral-acceleration-based vulnerability curves, developed specifically for the region, capture losses from the long-period, long-duration shaking typical of large-magnitude earthquakes. A custom blend of attenuation relations that uniquely capture Australia's intraplate seismicity is incorporated with continued use of our innovative Soil-Based Attenuation (SBA), which minimizes bias during site-specific hazard adjustment. The updated Australia Earthquake Model also features high-resolution soil mapping and a full suite of historical events.
Alongside enhancements across the range of EQECAT's Europe earthquake models, this release includes fully revised earthquake models for Spain and Portugal. For both countries, the hazard modules were constructed using the latest event catalogs to enhance magnitude-frequency relationships, a higher resolution of hazard analysis was introduced, and vulnerabilities were improved using the latest scientific data. In addition, the quality of aggregate exposure geocoding was increased with administrative boundary updates.
The release includes a major update to the China and Hong Kong earthquake models, including Macau. Hazard has undergone a thorough review with validation against seismic hazard maps produced by the China Earthquake Administration and the Global Seismic Hazard Assessment Program (GSHAP). Differentiation of risk by geography is enhanced through refined resolution for hazard analysis and updated soil information, to the 4-digit postal code level. Additionally, vulnerability has undergone a holistic review, incorporating updated structure types and occupancies, and updates to administrative boundaries facilitate geocoding of aggregate exposure.
A wide range of support is provided to aid and educate clients, including in-depth documentation, training, webinars, and release events.
Clients receive access to high-quality, easy-to-use documentation to address the new platform architecture and component design, including hardware specifications and user manual.
EQECAT provides "Impact of Model Changes" documents that detail changes in loss results due to enhancements to the financial model and country/peril model changes.
EQECAT will host webinars focused on the new workflow, including presentations on computer hardware and performance scalability, financial modeling and the impact of financial model changes upon results, new features and functionality in updated country/peril models, and modeling uncertainty.
EQECAT hosted one-day RQE release events in key markets worldwide:
Americas:
Toronto (June 11, 2012)
Minneapolis (June 19, 2012)
Chicago (June 21, 2012)
New York (June 28, 2012)
Bermuda: (June 26, 2012)
Europe:
Asia: Singapore (May 16, 2012)
Australia:
Sydney (November 5, 2012)
Visit the RQE FAQ for details about the release of RQE version 13, the platform's hardware and software, features and functionality, as well as training opportunities.
Current clients will want to prepare operations and workflow for the RQE release. Find details about the change management process and the three phases - Preparing, Managing, Reinforcing.
Request information about RQE catastrophe risk modeling software platform.
RQE v. 13 Release
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RQE v. 13 Release in Mandarin
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Contact your Account Representative to discuss how EQECAT's change management process can help you prepare for RQE version 13.
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