Thai insurance regulator evaluates URS model
Bangkok – Thailand's Office of Insurance Commission (OIC) has tested Risk Explorer™, the Dynamic Financial Analysis (DFA) model, from Ultimate Risk Solutions, LLC (URS), Chris Venvell, URS Business Development Director, Asia/Pacific, announced.
"We are extremely pleased that the OIC has evaluated Risk Explorer™ to support and enhance the level of understanding and usage of DFA modeling within the Thai insurance community," Venvell said. Risk Explorer™ is the financial modeling software used by insurers, reinsurers, brokers, and governmental agencies worldwide.
"The regulatory agency expressed the view that Risk Explorer™ can help the insurance industry meet Risk Based Capital (RBC) guidelines and rating agency assessments of RBC compliance," Venvell explained. He pointed out that rating agencies such as A. M. Best and Standard & Poor's assess internal processes including software modeling techniques to manage RBC as part of their credit rating/scoring mechanism.
In the first quarter of 2011, Thailand's insurance industry grew by 13.5 percent in line with the robust growth of the Country's economy. The need for sophisticated modeling is going to increase significantly with the continued growth of the Thai insurance industry. "After a careful review of the DFA model, we think Risk Explorer™ is the very useful model to help the insurance industry," according to Thailand's insurance regulator.
Risk Explorer™ is used by insurers and reinsurers in Enterprise Risk Management programs and for many other functions including portfolio risk management and modeling, economic capital estimation and allocation, cash flow analysis, financial statement modeling, and projections.
Media contact: Mechlin Moore, MDM Communications (001+1 845-920-7081; firstname.lastname@example.org).