Reask wins the cat risk modelling solution award for its probabilistic tropical cyclone catastrophe model for the South Pacific, covering 13 countries across the region that have previously been overlooked by the insurance industry.

The model sought to address the gap in the parts of the world where modelling capabilities are limited and the ability to offer re/insurance products and facilitate affordable, reliable pricing is curtailed. With the introduction of this probabilistic catastrophe model, the industry can now evaluate risk transparently and consistently across the entire region. The model uses a physically-modelled view of risk, incorporating the best understanding of climate change to help reduce the uncertainty from existing experience modelling and statistical approaches.

The importance of this in the South Pacific islands cannot be understated, where the impacts of climate change are most acute.

The Reask model is now used by re/insurance insurers and intermediaries across the region, enabling the evaluation of cyclone risk for pricing, programme structuring and accumulation management in a way which has not been possible previously.