Significant Advancement for Vietnam Natural Catastrophe Models

March 2014 a Memorandum of Understanding (MOU) was signed last week between Vietnam National Reinsurance Corporation, Vietnam and Catalytics Pte Ltd, Singapore to jointly develop and calibrate natural catastrophe models for Vietnam covering flood, typhoon and earthquake perils based on which the aim is to promote an insurance and reinsurance solution requiring international reinsurance capacity.

The MOU was signed in the presence of the Board of Directors of Vietnam National Reinsurance Corporation (VinaRe) and Members of Catalytics Pte Ltd (Catalytics), observed by officials from the Vietnam Ministry of Finance. The agreement was signed by the CEO of VinaRe, Mr Pram Cong Tu and the acting CEO of Catalytics, Mr Richard NC Austen.

The Catalytics software platforms for the three Vietnamese Nat Cat models are already functional and constructed in alpha form. It is anticipated that with the MOU collaboration with VinaRe the Catalytics Vietnam models will be fully calibrated and operational before the end of this year.