The Met Office is helping the insurance industry understand its windstorm risk. The Insurance and Capital Markets Applied Science team at the Met Office has developed a suite of European windstorm products and services aimed at supporting reinsurers, insurers and brokers this coming winter and beyond.
As well as hazard maps designed to support risk pricing at a local level, the product suite includes a catalogue of historical windstorms for portfolio management and capital reserving and alerts and impact analysis of incoming storm events for insurance operations.
When a major Atlantic storm reaches land, policyholders have a higher than ever expectation of help. Insurers must deploy staff on the ground, boost call centre staff numbers and call forward capital for early settlement of claims. To do this they need early alerts with confidence levels, and a regularly updated view of the storm size, track and severity.
Read the full article: http://www.metoffice.gov.uk/news/releases/archive/2014/insurance-risk
Comments