SpatialNews Press Release
RMSI Undertakes Catastrophe Risk Assessment Study for World Bank’s Asian Initiative
www.rmsi.com
NEW DELHI (India), December 30, 2002: RMSI, a global IT services company, announced today, that it has successfully carried out a pilot catastrophe risk assessment study for four Indian states, viz. Andhra Pradesh, Gujarat, Maharashtra, and Orissa, as part of World Bank’s ongoing regional initiatives for risk transfer in Asia.
The purpose of this World Bank initiative is firstly to assess the financial risks of natural hazards including the exposures, and vulnerabilities of countries in this region to catastrophic shocks; secondly, to evaluate the existing post-disaster funding mechanisms in the region, including catastrophe insurance and reinsurance arrangements; and thirdly, to explore methods of funding the direct costs of natural disasters outside the national budget.
The study was awarded to RMSI in February, with the challenge of delivering the findings within a span of three months. The initial findings were subsequently followed by a detailed report. “It was a much bigger challenge, in view of the limitations in India when compared with developed countries, ” says Adityam Krovvidi, Head of the Risk Management Group at RMSI. “Limited data and domestic research, accessibility and reliability of the data, and also a general lack of appreciation of the benefits of public and private sector collaboration in the country made the task an uphill one, ” he adds.
The project involved a comprehensive risk assessment study of the four Indian states pertaining to the assets of housing and public infrastructure against natural catastrophes like cyclones, earthquakes, and floods.
RMSI successfully developed several probabilistic risk models for hazard assessment, vulnerability analysis and financial implications as part of the study. The comprehensive report submitted to the World Bank consisted of various results that help in decision-making such as exposure value, average annual loss (AAL), probable maximum loss (PML), exceeding probability (EP) loss curves, and hazard/risk mapping.
The findings of the study are expected to serve as key inputs for further analysis & research related to the risk transfer and financing of catastrophe risk in India.
About RMSI
RMSI is a global IT services company providing Geographic Information Systems (GIS) and spatial solutions, application software services and catastrophe risk management solutions to clients worldwide. RMSI has exceptional domain knowledge in the spatial, engineering, insurance, media, and telecom industries.
Originating in Silicon Valley in 1992, the company was founded and is managed by alumni from Stanford University. Today, RMSI’s resource base comprises over 700 software, data and technology specialists. We are part of one of the UK’s largest listed companies, the Daily Mail and General Trust plc.
The combination of technical, financial, and human resource strengths, coupled with domain knowledge in many vertical markets, makes RMSI a unique global solution provider.
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