Following the worst-ever year for global catastrophe losses in 2011, which highlighted the vulnerability of many companies’ operations to supply chain interruption, the web-based platform is designed to help businesses understand better their catastrophe risk profile and accumulations in different locations.
Using information on earthquake, storm and flood risk made available by risk modelling agency RMS along with information provided by the client, the ACE Cat Web Platform provides a unique on-line visualisation of the relative exposures that the client faces worldwide using a colour-coded global mapping feature. Satellite imagery can then be used to provide more detailed risk assessments of local risk by ACE’s engineering specialists. The platform can also be used to view past and current global natural hazard activity, including earthquake, storm and flood events, using data from USGS (the US Geological Survey). ACE will make the platform available to its risk engineers advising existing and potential new customers.
Commenting on the launch, Derek Talbott, Executive Vice President of ACE International said:
“2011 provided a wake-up call for many companies. Last year a number of disasters, from the Japanese earthquake and tsunami to the Thai floods, underlined the importance for every business of understanding the risk exposures they face from increasingly global and ever more complex production and supply chains.”
“The ACE Cat Web Platform allows us to help clients by identifying more precisely the natural catastrophe exposures they face as a result of doing business across multiple locations and working with suppliers and customers who may be exposed to the same risks. By pinpointing accumulation hot spots, companies can better assess the strengths and weaknesses of their supply chains and ACE can more easily work with them to develop the right programmes to manage the risks.”
Rowan Douglas, CEO Global Analytics, Willis Group, added:
"Willis is delighted to support ACE’s Cat Web Platform using our market-leading mapping and analysis technologies. Cat Web will provide rich insights for firms wanting greater control of their business continuity, underpinning ACE’s efforts to help clients manage their own catastrophe exposures and those generated by their supply chains.”
About ACE:
The ACE Group is one of the world’s largest multiline property and casualty insurers. With operations in 53 countries, ACE provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients.
ACE Limited, the parent company of the ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index.
About Willis Re Analytics:
Willis Re Analytics helps clients around the globe quantify risk in order to support key business decisions. Professionals specialising in catastrophe modelling, actuarial science, financial analysis and enterprise risk management work as integral members of each client team, ensuring seamless access to their expertise. Using a range of advanced analytical techniques, Willis Re Analytics delivers actionable, practical results to address real-world business issues. The Willis Research Network offers further support through open academic research and the development of new risk models and applications.