HiQ contributes project management expertise in a business-critical project with the reinsurance company Sirius International AB. The project's primary purpose is to calculate the probability of earthquakes and severe storms.
A re-insurance company insures other insurance companies. Insurance companies protect their balance sheets and moderate volatility by spreading risk and thereby reducing the impact of many or very large damage events, such as natural disasters.
"Sirius International is a very exciting client to work with. HiQ has worked with project management for more than a decade, and it feels great to contribute our project management expertise in a project that is so wide-ranging," says Bo Ringdahl, Managing Director of HiQ Stockholm.
"Sirius International works with both large and small insurance companies around the world. To ensure our risk assessments are as good as possible, we are now creating a system that helps us evaluate the possibility of and simulate the impact of natural disasters around the world, based on specific established parameters. By doing extensive simulations with large data sets, in some cases over 100,000 years, you can determine the probability of certain types of identified natural disasters in the coming year. The probability determines the pricing of reinsurance so the system is highly mission-critical," says Jan Onselius of Sirius International.
"We use our expertise in IT to simplify people's lives. We have a strong and growing position within finance and insurance and are proud of and excited about our partnership with Sirius," says Lars Stugemo, President and CEO of HiQ.
Sirius International AB headquartered in Stockholm is Scandinavia's largest reinsurance company and has been around for more than 60 years. Sirius has offices in eight countries and is owned by White Mountains Insurance Group.