PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data, has launched a windstorm forecasting platform in Australia and updated its existing service in Europe.
The website, called “Wind-Jeannie,” was first launched in Europe in September 2015. Designed to provide real-time loss forecasts for approaching windstorms, PERILS said the platform helps re/insurance companies prepare for large European windstorm events by providing easily accessible information on the expected magnitude and geographical extent of an industry loss in advance of it occurring.
Like Wind-Jeannie Europe, Wind-Jeannie Australia provides forecasts of the insured property market loss from windstorm events for the forthcoming 72 hours, said PERILS, adding that loss forecasts are updated in real-time every 12 hours. Each industry loss forecast is broken down by Australian state and postcode.
In addition, detailed footprints of the forecasted wind gusts and the resulting losses can be downloaded from the website. Users can also activate an email alert service for major approaching windstorm events and watch animated gust forecasts for the upcoming seven-day period.
As Wind-Jeannie Europe enters its fourth European windstorm season, PERILS has updated the underlying loss model with new data from recent windstorm events, including Friederike and Burglind which both occurred in January 2018, as well as other storms captured by PERILS since the last Wind-Jeannie update in 2016. In addition, the modelled sums insured have been updated with the most recent information from the PERILS Industry Exposure Database 2018.
“Wind-Jeannie Australia provides a new perspective on windstorm risk for the region as we move into the upcoming tropical cyclone season,” commented Darryl Pidcock, head of PERILS Asia-Pacific, commenting the launch of Wind-Jeannie Australia.
“It offers multiple benefits to users such as supporting insurers’ preparation of claims and loss-adjusting resources, timely internal communication to senior management on possible losses and the potential for it to be used as a tool to facilitate trading of cat risk,” Pidcock added. “Moving forward, we will look to enhance Wind- Jeannie by collecting loss information from actual events and comparing these to the forecast losses provided by the platform.”
Wind-Jeannie is similar in design to a weather forecast website, explained Luzi Hitz, CEO of PERILS.
“It takes less than 15 seconds to generate a loss forecast and if conducted regularly helps the user to establish a good picture of the potential impact of an approaching windstorm event,” said Hitz. “Users can also set up email alerts for windstorm events with forecasted industry losses in excess of A$100 million [US$70.9 million] for Australia and €100 million [US$ 114 million] for Europe.”
Nick Hartry, executive manager, Reinsurance Operations at IAG, said: “The launch of Wind-Jeannie Australia will support our ability to understand the potential impact of an approaching windstorm event and help us prepare our teams to respond quickly in the aftermath of a major event to assist those affected. Wind-Jeannie Australia, together with the PERILS Industry Exposure & Event Loss Database, will also continue to help develop alternative capital structures and encourage and support new investors to the region.”
Wind-Jeannie is available at www.wind-jeannie.org and can be accessed via desktop computers, tablets and smartphones. Access to loss forecasts is restricted to PERILS data providers and PERILS database subscribers. Animated gust forecasts for the forthcoming seven days are available to the public.
Source: PERILS
Topics Catastrophe Natural Disasters Profit Loss Windstorm Europe Australia
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