AIR launches severe thunderstorm model

Catastrophe risk modeling firm AIR Worldwide released a new severe thunderstorm model for Europe. The AIR Severe Thunderstorm Model for Europe captures the effects of straight-line winds and hail, enabling companies to assess their risk from the local scale to the macro level on insured properties, including residential, commercial, automobiles, and specialty lines of business—in 22 countries, including thr CEE countries.Together with AIR's Extratropical Cyclone Model for Europe and European flood models, this new model now allows for a comprehensive assessment of atmospheric risk in this region.

"Though typically associated with the summer months, severe thunderstorms can strike Europe at any time of the year, and their loss potential is increasing," said Dr. Eric Robinson, manager and principal scientist, AIR Worldwide. "A severe thunderstorm event can, over the course of several days, produce multiple outbreaks. Depending upon the region, high-frequency severe thunderstorms can contribute up to 50 percent to overall wind-related insured losses in Europe."

The scientifically advanced severe thunderstorm model realistically simulates the highly localized effects of individual hail and straight-line winds (microevents)—from a meteorological perspective the key drivers of loss from severe thunderstorms—and the spatial extent of macroevents (combinations of microevents). This is achieved by replicating daily activity based on a comprehensive analysis of historical storm outbreaks. The model reflects emerging scientific and engineering research and leverages data from many sources, including storm report databases, numerical weather prediction, and an unprecedented amount of radar data from recent events. To validate the model, AIR used a large set of claims data, including detailed claims from some of the largest insurers in Europe.

In Romania, following the severe storms that hit the Western part of Romania in September 2017, there were some voices from the Government who stated that the storm risk should also be included in the mandatory household insurance policy, but the proposal was dismissed for the moment

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

IGI appoints its first Chief Technology Officer

International General Insurance Holdings Limited (IGI), the international specialist commercial insurer and reinsurer, has announced the appointment of Nasser ZAGHA to the newly-created role of Chief Technology Officer.

2018-11-15

Thierry DEREZ resigned from SCOR's Board of Directors

Thierry DEREZ, chief executive of COVEA, has resigned from the Board of SCOR, thus putting an end to a conflictual situation that lasted several months following the rejected EUR 8.2 million takeover bid placed by COVEA in September.

2018-11-14

CyberCube partners with CNA

Partnership enables CNA to broaden cyber insurance underwriting capabilities and address the emerging challenges in measuring cyber aggregation risk

2018-11-08

Generali nine-month results: Operating result and net profit improve. Life net cash inflows rebound. Capital position remains solid even with highly volatile markets

In the first nine months of 2018, Generali's operating result increased to EUR 3.6 billion, up 3.9% as a result of improvements in all business segments. Also, premiums increased by 6.1% to nearly EUR 50 billion thanks to the growth in both business segments, with an acceleration in Property & Casualty (+2.7%). Net profit increased to EUR 1,855 million (+26.8%), also thanks to the positive non-operating performance and the result from disposals.

2018-11-08

Munich Re affirms profit guidance despite natural catastrophes - quarterly profit of EUR483m

Despite high losses owing to Typhoon Jebi and Hurricane Florence (around EUR300m each), MUNICH Re posted, in Q1-3, a profit of EUR2,038m and is thus on track to achieve its profit target of EUR2.1-2.5bn. The company also highlights a robust growth in property-casualty reinsurance and that the profit guidance for ERGO raised to at least EUR350m, following good Q1-3.

2018-11-07

ON THE MOVE

IGI appoints its first Chief Technology Officer

International General Insurance Holdings Limited (IGI), the international specialist commercial insurer and reinsurer, has announced the appointment of Nasser ZAGHA to the newly-created role of Chief Technology Officer.

15.11.2018

Thierry DEREZ resigned from SCOR's Board of Directors

Thierry DEREZ, chief executive of COVEA, has resigned from the Board of SCOR, thus putting an end to a conflictual situation that lasted several months following the rejected EUR 8.2 million takeover bid placed by COVEA in September.

14.11.2018

TOP EVENT

Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.

06.11.2018

IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.

05.11.2018

See all