CoreLogic Taps Nasdaq’s ModEx for Risk Modeling
Nasdaq’s ModEx®, the multi-vendor catastrophe modeling platform for the insurance industry, today announced that CoreLogic, a leading global property-information, analytics, and data-enabled solutions provider, has become the latest catastrophe risk model provider to make their models available via ModEx. The CoreLogic U.S. Earthquake Model will be the first of its models to be integrated on to the ModEx platform.
With over 30 years of experience in building earthquake catastrophe model solutions, the CoreLogic U.S. Earthquake Model is based on the latest scientific consensus of earthquake hazard, engineering, and building practices. Using a bottom-up, physics-based approach to model earthquake losses, the CoreLogic U.S. Earthquake Model offers a comprehensive analytical view to quantify the risk to a specific building or portfolio resulting in the allocation of appropriate pricing and capital reserves. CoreLogic offers over 180 cat risk models across 100+ territories, covering 90% of the world’s GDP.
“CoreLogic is dedicated to the understanding of natural hazard risk and is keenly focused on delivering decision-support property data and solutions to the insurance industry,” said William Forde, Senior Director, Insurance & Spatial Solutions, CoreLogic. “As the world grows increasingly risky with record-breaking losses year over year, the availability of precise, comprehensive data becomes ever more important. Joining the Nasdaq ModEx community is a perfect opportunity to extend access to our models for those who choose to consume results from OASIS rather than our own RQE® platform.”
“CoreLogic represents one of the largest catastrophe risk modeling providers in the world and signing this agreement is a significant milestone in the evolution of the ModEx platform,” said Matthew Jones, Head of Product, ModEx, Nasdaq. “We are proud to be able to offer their models to our clients through ModEx as we continue to deliver a broader choice of cat modeling services to the industry.”
Nasdaq’s ModEx provides a dynamic catastrophe modeling ecosystem for the (re)insurance industry, uniting multiple catastrophe models, hazard maps and data enhancement services through one platform. Powered by the Oasis LMF, ModEx delivers a hosted and fully managed catastrophe risk modeling service that offers a new and cost-effective way for firms to meet their modeling requirements.
”ModEx will play an important part in Nasdaq’s New Markets initiative, where we are focused on extending our core competencies in markets, technology, data and analytics to other industries, including insurance, an important growing segment,” said Paul McKeown, SVP and Head of Marketplace Operators and New Markets, Nasdaq. “We look forward to building and extending the ModEx business in the months ahead while collaborating with unique and innovative business partners such as CoreLogic.”
Nasdaq completed the acquisition of Simplitium ModEx in January 2019 as part of the Cinnober Technology AB transaction. Nasdaq’s market technology powers more than 250 of the world’s market infrastructure organizations and market participants in over 50 countries, including customers in the insurance and (re)insurance sectors.
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