Nasdaq’s ModEx Extends Range of Catastrophe Risk Models with CoreLogic U.S. Earthquake Model
June 12 2019 - 7:00AM
Nasdaq’s ModEx® (Nasdaq: NDAQ), the multi-vendor catastrophe
modelling 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
modelling 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 modelling services to
the industry.”
Nasdaq’s ModEx provides a dynamic catastrophe modelling
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 modelling service that
offers a new and cost-effective way for firms to meet their
modelling 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.
For further information, please contact:
NasdaqYan-yan TongEmail:
yan-yan.tong@nasdaq.comMobile: +46 (0)73 449 66
83Desk: +46 (0)8 4056683
CoreLogic Caitlin NewINK Communications for
CoreLogic Email: corelogic@ink-co.com Mobile: + 1 512-906-9103
About NasdaqNasdaq (Nasdaq: NDAQ) is a leading
global provider of trading, clearing, exchange technology, listing,
information and public company services. Through its diverse
portfolio of solutions, Nasdaq enables customers to plan, optimize
and execute their business vision with confidence, using proven
technologies that provide transparency and insight for navigating
today's global capital markets. As the creator of the world's first
electronic stock market, its technology powers more than 100
marketplaces in 50 countries. Nasdaq is home to over 4,000 total
listings with a market value of approximately $14 trillion. To
learn more, visit: https://business.nasdaq.com.
About CoreLogicCoreLogic (NYSE: CLGX), the
leading provider of property insights and solutions, promotes a
healthy housing market and thriving communities. Through its
enhanced property data solutions, services and technologies,
CoreLogic enables real estate professionals, financial
institutions, insurance carriers, government agencies and other
housing market participants to help millions of people find,
acquire and protect their homes. For more information, please visit
www.corelogic.com
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