DOCSLIB.ORG

European Windstorm Insurance Industry “Key Questions” Short Descriptions

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
European Windstorm Insurance Industry “Key Questions” Short Descriptions European Windstorm Insurance Industry “Key Questions” Short Descriptions CATIN SIGHT 02 EUROPEAN WINDSTORM - INSURANCE INDUSTRY “KEY QUESTIONS” - SHORT DESCRIPTIONS 03 01. Natural variability of Europe Windstorms vs. cycles vs. trends/climate There has been a geographical shift of windstorm activity in recent years whereby France has been hit by four windstorms and the UK has remained relatively quiet. Furthermore, models are starting to include a “short term” view of risk to allow for the fact that windstorm activity is perceived to have decreased in the past 20-25 years. • Are these changes natural variability of part of an ongoing climate-related trend? • Can we develop a better understanding of the natural variability “mechanisms” (e.g. NAO) and their relation to storminess? 02. Storms in the tail: better understanding limits to EUWS footprints: intensity, size, shape There is concern within the catastrophe modelling industry y that the storms that inhabit the tail of the curve (i.e. event with loss return periods of >200 years) have a size and direction unlike the most severe historical storms. • Can we get some more data-points from the “tail” of climate model runs to sit alongside existing catastrophe model output as a “second set of eyes”? 03. Correlation between wind and flood risk There is currently very little understanding (or indeed implementation in catastrophe models) of the correlation between wind and flood in Europe. • Do winters that possess multiple damaging windstorms also contain loss-making flood events? • How well correlated are wind and flood hazards not just in the tail but at shorter return periods? • Do stormier winter mean that the chance of an event with both wind/flood losses is greater owing to antecedent conditions? 04 EUROPEAN WINDSTORM - INSURANCE INDUSTRY “KEY QUESTIONS” - SHORT DESCRIPTIONS 04. Academic data to expand our understanding of historical EUWS Similar to the “Winter storms in Europe: messages from forgotten catastrophe” study: • Can we look at recent storms of the past 150-200 years, produce footprint and potentially the uncertainty around them from running re-analyses. • Are there are other sources of historical data/reanalysis that exist which could be used to understand historical precedents? 05. Spatial correlation of hazard (and loss) across different countries Differences in cross-country correlation are a big driver of portfolio-level loss differences for reinsurers who have European-wide books of business. It would be useful to understand better the hazard correlation between countries (e.g. peak gusts, Storm Severity Index). Potential also (e.g. through OASIS) to translate any hazard correlation research into loss correlation using vulnerability curves. • Can we translate climate research output into understanding of the multiple aspects of hazard that influence the amount of correlation between different countries? 06. Clustering: better understanding on frequency/severity Although research has been done to look into clustering, it does vary greatly between catastrophe models. • Can we use climate models and synthetic event sets produced from these models to improve our understanding of event clustering? • Can we here also to understand better the relationship between clustering and event severity? EUROPEAN WINDSTORM - INSURANCE INDUSTRY “KEY QUESTIONS” - SHORT DESCRIPTIONS 05 07. Creation of open source EUWS cat models through academia Other views of windstorm risk are always welcome in the insurance industry as an extra pair of eyes to compare against existing vendor windstorm models. • One suggestion is whether there is potential to piggy-back off existing climate model data to provide an alternative view – per item 9) here? (One initiative is under way with the Copernicus WISC project providing 4km storm footprints). 08. Understanding the impact of choice of climate model resolution on the resultant view of risk Part of the concern in item 2) above comes from the hypothesis that storm shape/size is related to the base model resolution when using a climate model. • What is the coarsest resolution of GCM that can still be useful and provide adequate data for dynamical downscaling? • What resolution of GCM can be useful for risk assessment without having to do dynamical downscaling (i.e. perform statistical downscaling on the dataset)? • Also, can we get some understanding around calibration techniques for climate models to understand the biases and how/when to correct them? • What are the best statistical downscaling techniques and what is useful from GCM and what is not reliable? 09. Improving understanding of EUWS through repurposing pre-existing high-res GCM data This is essentially a catch-all for a number of these topics, but it has been kept in nonetheless. • How much GCM data is out there that has enough “years” of data at an appropriately high enough resolution to make it useful to repurpose it for risk estimation studies? 06 EUROPEAN WINDSTORM - INSURANCE INDUSTRY “KEY QUESTIONS” - SHORT DESCRIPTIONS 10. High-frequency low severity wind events (winter and summer) This one is potentially one to stay within the industry to solve. We rarely get detailed loss information to understand the impact of low severity wind events (e.g. convective summertime wind events as well as small wintertime events). • Is there any data out there to help us understand better the impact of these low severity (both winter and summertime events?) • Is there a way of standardising a definition of what makes a high frequency, low severity event? 11. Crossover of hurricane & EUWS seasons. Influence of hurricane remnants on EUWS, now & future Hurricane remnants that re-intensify over Europe as extratropical storms (the example of Hurricane Lili was used when list created, obviously we have Ophelia now) are something we arguably know little about in terms of potential. • Could there be tail events that include this type of event? • Is there a role of warm air associated with hurricane season affecting early-season windstorms to give them increased potential? • Does the suggested future atmospheric/oceanic warming in future extend the crossover region between hurricanes and re-intensifying systems further NE into the Atlantic? 12. Forecasting of storm/flood events at the localised level Primarily improvements in forecasting here would help the industry with business preparedness and claims handling. • Rapid development of European storms makes it difficult to increase the time element of warnings beforehand: can this be improved? • Can we improved very local forecasting: which in particular would help for flood forecasting. 07 Credits CATIN SIGHT Dr Claire Souch Dr Richard Dixon Director, AWHA Consulting Limited Director, CatInsight lighthillrisknetwork.org For general enquiries: [email protected] Find us: Lighthill Risk Network ICII The Leather Market, LM1.1.2 11-13 Weston Street London SE1 3ER United Kingdom.
Load more

Recommended publications
  • The Role of Serial European Windstorm Clustering for Extreme Seasonal
    The role of serial European windstorm clustering for extreme seasonal losses as determined from multi-centennial simulations of high resolution global climate model data Matthew D. K. Priestley, Helen F. Dacre, Len C. Shaffrey, Kevin I. Hodges, Joaquim G. Pinto Response to reviewer 1 Dear Reviewer, We thank you for the comments and suggestions that you have made to our manuscript, which have helped improve its quality. Please find below a response to all of your comments and questions raised. Any page and line numbers refer to the initial NHESSD document. The italicised black text are the comments to the manuscript. Our responses are in red with any changes described. An amended version of the manuscript has also been uploaded to highlight the changes. In the marked version, text which has been removed has been struck through, with new additions being in red. This paper presents an analysis of temporal clustering of extratropical cyclones in the North Atlantic and the associated windstorm losses over central Europe. The studies shows the seasonally aggregated losses are substantially underestimated if temporal clustering is not taken into consideration. Also the relative contribution of the cyclone resulting in the highest losses per season to the overall seasonal losses is investigated. This contribution is very variable and ranges between 25 to 50%. The study makes use of decadal hindcasts to analyze hundreds of years of present day simulations and statistics based on this large sample are very robust. The quality of the text, the figures and the science is high. The only point that should be scrutinized is the GPD fit to the ERA- interim data.
    [Show full text]
  • Covariance of Storm Hazards in the Atlantic Basin Michael Angus, Gregor C
    Covariance of Storm Hazards in the Atlantic Basin Michael Angus, Gregor C. Leckebusch & Ivan Kuhnel Royal Meteorological Society Atmospheric Science Conference 2019 Are Regional Climate Perils Related? Risk of Global Weather Connections, Lloyd’s and Met Office 2016 2 Hypothesis The Atlantic Hurricane Season and European winter windstorm season are not independent from one another A pathway exists between the two through a climate teleconnection 3 Hypothesised pathways Gray 1984 Scaife et al. 2017 4 Hypothesised pathways Fan and Schneider 2012 Hallam et al. 2019 Wild et al. 2015, Dunstone et al. 2016 5 Data Limitations Atlantic Basin Reliable count data for both Tropical and Extratropical Cyclones only in the satellite era (1979-present) Extend by building event climatology from Pearson Correlation coefficient: -0.2 Ensemble Prediction Not significant at the 95th percent confidence level Tropical Cyclone count: IBTrACS best Track data System Extratropical Cyclone count: Cyclone Tracking in ERA-interim 6 Methodology Repurpose a forecast ensemble to treat each ensemble member as a different climate realization National Hurricane Center, Hurricane Katrina Uncertainty August 25th 7 Ensemble Prediction System European Centre for Medium Range Weather Forecasting (ECMWF) System 5 EPS (SEAS5) 51 ensemble members over 36 years (1981-2016), total of 1836 model years Initialised 1st of each month, run for 7 months. Selected 1st of August initialisation to cover peak Atlantic Hurricane Season (Aug-Oct) and peak European Windstorm season (Dec-Feb) Horizontal grid spacing TCo319 (~35km, cubic grid) 8 Event Tracking Methodology Find Clusters of 98th percentile Hurricane Floyd Hurricane Sandy windspeed exceedance (Leckebusch et al. 2008) Track storms over time using nearest neighbour approach (WiTRACK; Kruschke 2015) Focus on area of damaging winds, rather than central core pressure 9 Event Tracking Methodology EUMETSAT storm track, from Meteo Sat-9 Air Mass Product.
    [Show full text]
  • Future Changes in European Windstorm Severities and Impacts Jennifer L Catto Alex Little* Matthew Priestley
    Future changes in European windstorm severities and impacts Jennifer L Catto Alex Little* Matthew Priestley University of Exeter *Now at JBA Risk. EGU 2021 Session AS1.6 - Fri, 30 Apr, 13:30–15:00 (CEST) Introduction Motivation Research Questions • Future climate changes will be felt through changes in the weather systems. • How will the severity of European windstorms change in the future? • In Europe one of the most important weather systems is extratropical cyclones. • How will the impacts of European • There are currently a lot of uncertainties windstorms change in the future? around how the frequency and intensity of extratropical cyclones will change over • What will be the role of adaptation to Europe, associated with competing storm severity for decreasing the impacts? dynamical effects, and global climate model uncertainties. • How will future population changes • Another aspect of uncertainty comes from influence the impacts of European the different ways in which intensity is windstorms? defined. • Using models from the latest suite of CMIP, and applying a storm severity index, we investigate future changes in characteristics of windstorms over Europe. December 2020 Alex Little II. POPULATION DENSITY PROJECTIONS Methods and Data December 2020 Alex Little H SSP5 Lagrangian Feature Tracking - Using TRACK (HodgesII. PopulationPOPULATION data DENSITY1980 – 2010 PROJECTIONS 1994,1995) applied to 6-hourly 850hPa relative SSP2 Population data are vorticity (truncated to T42 resolution) from ERA5 taken from the (1980-2010) and 8 CMIP6 models. Socioeconomic data Models and applications ACCESS-CM2 MIROC6 center (SEDAC) at https://sedac.ciesin.co BCC-CSM2-MR MPI-ESM1.2-HR H lumbia.edu/data/set/pSSP5 SSP2 1980 – 2010 EC-Earth3 MPI-ESM1.2-LR opdynamics-1-8th- pop-base-year- KIOST-ESM MRI-ESM2-0 F1 F1 2040 – 2070 2040 – 2070projection-ssp-2000- Present day: Historical simulations for 1980-2010.
    [Show full text]
  • The Role of Serial European Windstorm Clustering for Extreme Seasonal
    Nat. Hazards Earth Syst. Sci., 18, 2991–3006, 2018 https://doi.org/10.5194/nhess-18-2991-2018 © Author(s) 2018. This work is distributed under the Creative Commons Attribution 4.0 License. The role of serial European windstorm clustering for extreme seasonal losses as determined from multi-centennial simulations of high-resolution global climate model data Matthew D. K. Priestley1, Helen F. Dacre1, Len C. Shaffrey2, Kevin I. Hodges1,2, and Joaquim G. Pinto3 1Department of Meteorology, University of Reading, Reading, UK 2NCAS, Department of Meteorology, University of Reading, Reading, UK 3Institute of Meteorology and Climate Research, Karlsruhe Institute of Technology, Karlsruhe, Germany Correspondence: Matthew D. K. Priestley ([email protected]) Received: 1 June 2018 – Discussion started: 18 June 2018 Revised: 4 October 2018 – Accepted: 26 October 2018 – Published: 12 November 2018 Abstract. Extratropical cyclones are the most damaging nat- the accumulated seasonal loss does not change with return ural hazard to affect western Europe. Serial clustering occurs period, generally ranging between 25 % and 50 %. when many intense cyclones affect one specific geographic Given the realistic dynamical representation of cyclone region in a short period of time which can potentially lead to clustering in HiGEM, and comparable statistics to ERA- very large seasonal losses. Previous studies have shown that Interim, we conclude that our estimation of clustering and its intense cyclones may be more likely to cluster than less in- dependence on the return period will be useful for informing tense cyclones. We revisit this topic using a high-resolution the development of risk models for European windstorms, climate model with the aim to determine how important clus- particularly for longer return periods.
    [Show full text]
  • A Predictive Relationship Between Early Season North Atlantic Hurricane Activity and the Upcoming Winter North Atlantic Oscillation
    Geophysical Research Abstracts Vol. 18, EGU2016-4308, 2016 EGU General Assembly 2016 © Author(s) 2016. CC Attribution 3.0 License. A predictive relationship between early season North Atlantic hurricane activity and the upcoming winter North Atlantic Oscillation Jessica Boyd (1) and Mark Saunders (2) (1) JBA Risk Management, Skipton, United Kingdom ([email protected]), (2) Department of Space and Climate Physics, University College London, United Kingdom ([email protected]) The winter North Atlantic Oscillation (NAO) is linked strongly to European winter climate including windstorms. Predicting the winter NAO is key to making successful seasonal predictions of European winter climate. We observe that in recent decades there are many instances of an inverse relationship between the strength of the North Atlantic hurricane season and the strength of the subsequent European winter windstorm season. Stormy European winter seasons often follow quiet Atlantic hurricane seasons and calm European winters follow active hurricane seasons. We explore the strength and temporal stability of this inverse relationship, consider a facilitating physical mechanism, and briefly discuss the implications of our findings for end users, in particular global reinsurers. We find there is a statistically significant link between North Atlantic hurricane activity and the upcoming winter NAO. The relationship is established by the midway point of the hurricane season in early September. The link is strongest when hurricane activity is in the upper or lower tercile and when summer ENSO (El Niño Southern Oscillation) is neutral. The relationship works well going back 40 years to the mid 1970s. The early winter (October-November-December) NAO is predicted best but since the early 1980s the predictive link extends to the main winter (December-January-February) NAO.
    [Show full text]
  • December 1703 Windstorm
    December 1703 Windstorm 300-year Retrospective TM Risk Management Solutions I NTRODUCTION The December 7-8, 1703 Windstorm (November 26 -27 on the old calendar still used in England at the time) was the most damaging to have affected the southern part of Britain for at least 500 years. The fame of the storm owes much to the fact that it cut a swathe of damage through London, where a recently imprisoned former tile-manufacturer named Daniel Defoe cut his journalistic teeth by placing a newspaper article soliciting accounts of damage and deliverance that he went on to publish in a book: ‘The Storm’ (1704). While Defoe’s survey comprises a series of ‘snapshots’ of the impacts of the storm in towns and villages across southern Britain, the impacts in continental Europe have never been compiled. Continental Europe had already passed onto the modern Gregorian calendar (not introduced into Britain until 1752) and was therefore eleven days ahead of England: where the storm was dated November 26-27. The windfield also extended across the front-line in the long-running War of the Spanish Succession: that pitted France (including what is now Belgium) allied with Spain and Bavaria against Netherlands, with England and most of the German states. Newspapers on the continent were on one or other side in this conflict and colored their accounts of the storm accordingly, damning their enemies’ ports to imagined destruction while covering up their own losses. Available synoptic meteorological information reveals that this was a large deep and fast moving ‘daughter’ depression, with a central pressure falling to around 950 mb, embedded along the southern flank of an enormous and deep depression centered to the northeast of Scotland, and flanked by a band of high pressure over France.
    [Show full text]
  • The UK Wind Regime - Observational Trends and Extreme Event Analysis and Modelling
    The UK wind regime - Observational trends and extreme event analysis and modelling Nick Earl This thesis is submitted in fulfilment of the requirements for the degree of Doctor of Philosophy at the University of East Anglia. School of Environmental Sciences June 2013 © This copy of the thesis has been supplied on condition that anyone who consults it is understood to recognise that its copyright rests with the author and that use of any information derived there from must be in accordance with current UK Copyright Law. In addition, any quotation or extract must include full attribution. 2 The UK wind regime - Observational trends and extreme event analysis and modelling Abstract The UK has one of the most variable wind climates; NW Europe as a whole is a challenging region for forecast- and climate-modelling alike. In Europe, strong winds within extra-tropical cyclones (ETCs) remain on average the most economically significant weather peril when averaged over multiple years, so an understanding how ETCs cause extreme surface winds and how these extremes vary over time is crucial. An assessment of the 1980-2010 UK wind regime is presented based on a unique 40- station network of 10m hourly mean windspeed and daily maximum gustspeed (DMGS) surface station measurements. The regime is assessed, in the context of longer- and larger-scale wind variability, in terms of temporal trends, seasonality, spatial variation, distribution and extremes. Annual mean windspeed ranged from 4.4 to 5.4 ms-1 (a 22% difference) with 2010 recording the lowest annual network mean windspeed over the period, attracting the attention of the insurance and wind energy sectors, both highly exposed to windspeed variations.
    [Show full text]
  • The Frequency of Severe Weather Events
    The Frequency of Severe Weather Events David F. Smith, Senior Vice President, Model Development March 11, 2013 Antitrust Notice • The Casualty Actuarial Society is committed to adhering strictly to the letter and spirit of the antitrust laws. Seminars conducted under the auspices of the CAS are designed solely to provide a forum for the expression of various points of view on topics described in the programs or agendas for such meetings. • Under no circumstances shall CAS seminars be used as a means for competing companies or firms to reach any understanding – expressed or implied – that restricts competition or in any way impairs the ability of members to exercise independent business judgment regarding matters affecting competition. • It is the responsibility of all seminar participants to be aware of antitrust regulations, to prevent any written or verbal discussions that appear to violate these laws, and to adhere in every respect to the CAS antitrust compliance policy. Agenda • Event frequency modeling: importance and challenges – Establishing the appropriate frequency for each event – Establishing the appropriate arrival model (e.g. Poisson, negative binomial, compound, empirical, etc.) – Examples: Atlantic Hurricane, US Severe Convective Storm • Near term (climate-conditioned) frequency models – Examples: Atlantic Hurricane, Asia Typhoon • Supplementing the historical record through numerical weather modeling – Example: European Windstorm • Q&A Event Frequency Modeling: Importance and Challenges (Opportunities) (1) • Year-to-year
    [Show full text]
  • Multi-Scale Predictability of Severe Weather Linus Magnusson UEF2017 Thanks To: Laura Ferranti, Mark Rodwell, David Lavers, Thomas Haiden, …
    Multi-scale predictability of severe weather Linus Magnusson UEF2017 Thanks to: Laura Ferranti, Mark Rodwell, David Lavers, Thomas Haiden, … © ECMWF June 14, 2017 Global prediction of extremes on various time and horizontal scales poses several questions: What is the predictability for different types of extremes? On what time-ranges are the forecasts useful? What do we need to improve to obtain better predictions of extremes? EUROPEAN CENTRE FOR MEDIUM-RANGE WEATHER FORECASTS 2 Disclaimer • Single probabilistic forecasts for life-threating events cannot be verified! – The true probability distribution function is not known – only the single outcome – Life-threating events usually rare – return periods often >20 years – too small sample to do a probabilistic verification of operational system – Life-threating events are usually a composite of sub-events and unique in horizontal and temporal scales • Series of precipitation events leading to river flooding • Combination of waves, storm surge, tides and precipitation leading to costal flooding • Length and magnitude of heatwaves • ….. What can we do: • Statistical verification of less extreme events • Evaluate model climate of extremes • Learn about important aspects from case studies EUROPEAN CENTRE FOR MEDIUM-RANGE WEATHER FORECASTS 3 Statistical verification Importance of high-resolution observations for verification: Rainfall in Northern Italy Observations on GTS GTS + regional network HDOBS project at ECMWF to collect regional network, thanks for all contributions so far! EUROPEAN CENTRE FOR MEDIUM-RANGE WEATHER FORECASTS 4 Statistical verification: Example of score Potential economical value: are the forecasts useful? Is 98th percentile really extreme? (~2 events per season in each point) Many actions 7 days before are less expensive than 1 day before Relatively cheap More expensive Thanks to T.
    [Show full text]
  • Extratropical Cyclone Model for Europe
    In 2007, Kyrill roared across Europe, AIR Extratropical causing widespread damage and resulting in insured losses of more than Cyclone Model EUR 4.5 billion. Sometimes several storms can strike in rapid succession, as Christian, Xaver, Dirk, and Anne did for Europe in the winter of 2013-2014, for example. The AIR model helps you assess the risk from wind for single storms as well as storms clustered in space and time, including the most extreme events. AIR EXTRATROPICAL CYCLONE MODEL FOR EUROPE With European windstorm losses, on The model’s damage functions leverage findings from average, surpassing those of any other comprehensive engineering studies, the analyses of billions of euros of the latest claims data from various peril in the region, companies need a market segments, and AIR’s detailed post-disaster surveys. A wide array of policy conditions is supported— realistic, detailed model to manage the including coverage limits, deductibles, loss triggers, and risk. reinsurance conditions. A Comprehensive View of Extratropical The AIR Extratropical Cyclone Model Cyclone Risk Across Europe While tropical cyclones exhibit relatively symmetrical for Europe captures the meteorological structures, extratropical cyclone (ETC) systems are complexities that define the hazard, markedly more complex. The AIR Extratropical Cyclone Model for Europe captures this complexity, from the including storm frequency and storm unstable atmospheric environments in which the storms clustering; provides seamless spatial form, to the sophisticated processes needed to translate winds aloft to high resolution surface-level winds, to the coverage across 22 countries; and observed clustering of storms in time and space explicitly accounts for differences in Robust Catalog Captures Even the Most regional and temporal vulnerability for Extreme Events Because of the complex structure and the dynamic traditional and specialty risks.
    [Show full text]
  • The Spatial Structure of European Wind Storms As Characterized by Bivariate Extreme-Value Copulas
    Nat. Hazards Earth Syst. Sci., 12, 1769–1782, 2012 www.nat-hazards-earth-syst-sci.net/12/1769/2012/ Natural Hazards doi:10.5194/nhess-12-1769-2012 and Earth © Author(s) 2012. CC Attribution 3.0 License. System Sciences The spatial structure of European wind storms as characterized by bivariate extreme-value Copulas A. Bonazzi, S. Cusack, C. Mitas, and S. Jewson Risk Management Solutions, Peninsular House, 30 Monument Street, London, UK Correspondence to: A. Bonazzi ([email protected]) Received: 20 October 2011 – Revised: 4 March 2012 – Accepted: 30 March 2012 – Published: 29 May 2012 Abstract. The winds associated with extra-tropical cy- Re’s NATHAN database trended to 2008 values by Barredo, clones are amongst the costliest natural perils in Europe. 2010). Barredo (2010) and Klawa and Ulbrich (2003) show Re/insurance companies typically have insured exposure at evidence that this storm severity is combined with a fre- multiple locations and hence the losses they incur from any quency to produce large average annual losses. These sig- individual storm crucially depend on that storm’s spatial nificant impacts from European windstorms generate much structure. Motivated by this, this study investigates the spa- interest in risk management. tial structure of the most extreme windstorms in Europe. The Probabilistic risk assessment is generally based on the con- data consists of a carefully constructed set of 135 of the most volution of hazard, vulnerability, and economic or insured damaging storms in the period 1972–2010. Extreme value exposure (Petak and Atkisson, 1982). Applications of risk copulas are applied to this data to investigate the spatial de- management require information on extreme events to an- pendencies of gusts.
    [Show full text]
  • RMS Europe Windstorm Models
    RMS Europe Windstorm Models Geographic Coverage: Version 15.0 of the RMS Europe Windstorm Models 15 countries: Austria, Belgium, represents the latest research and data on this complex Czech Republic, Denmark, peril, which has historically caused more damage and France, Germany, Ireland, loss for the (re)insurance market in Europe than any Luxembourg, Netherlands, Norway, Poland, Slovakia, other natural hazard. The updated Europe Windstorm Sweden, Switzerland, U.K., plus Models deliver an accurate and realistic representation of an extended offshore area for vulnerability variations by geography and risk type, and wind farms represent the forefront of European windstorm science. Perils Modeled Extratropical cyclone winter storms, wind from summer thunderstorms, and storm surge (U.K. only) INFORMED UNDERWRITING AND RISK Lines of Business: DIFFERENTIATION All key lines of business, RMS Europe Windstorm Models including residential, support more informed underwriting commercial, auto, industrial and and improved risk differentiation agricultural lines, across distinct through numerous advancements. The coverage types; building / models incorporates high-resolution content / business interruption. surface roughness data for modeling granular hazard variability, which Risk Types: is reinforced by detailed hazard calibration using data from thousands Hundreds of distinct of weather stations. In Version vulnerabilities, including unique 15.0, recalibrated vulnerabilities also risks such as forestry, wind provide a more accurate and realistic farms, and large and complex representation of historical loss industrial facilities data across all modeled countries. The models feature enhanced Exposure Data: building vulnerability definition and improved representation of regional RMS’ high-resolution industry construction practices, which better exposure databases are based represent variations in vulnerability on the latest information from by geography and risk type.
    [Show full text]