RVS Live: CEE to get new cat models in 2018

AIR Worldwide will launch in 2018 a severe thunderstorm model for Central and Eastern Europe, according to Dr. Milan SIMIC, EVP and Managing Director, Global Business Development Insurance Solutions of VERISK Analytics. The model will cover Estonia, Latvia, Lithuania, Poland, Czech Republic, Slovakia and Slovenia. Depending on the country, it will have three components: hail, straight-line wind speeds and tornadoes - which although not significant, they happen. As part of the preparations, the company had to study whether there are any significant climate signal in the recent couple of years in the region.

"We have had years with major events like Andrew and Katrina, but in terms of climate change and climate variability we do not see a difference to the past -although significant events are happening. To put things in proportion the aggregate industry cat losses are below the modeled average", Dr SIMIC added.

AIR Worldwide's extratropical tropical cyclone model, which already covers important parts of CEE, will also get an upgrade and be expanded to Slovenia and Slovakia, Dr. Milan SIMIC told XPRIMM during the Rendez-vous de September in Monte Carlo. This June, the catastrophe risk modeling firm AIR Worldwide has released the industry's first comprehensive severe thunderstorm model for Australia.

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