Verisk’s catastrophe risk modeling firm AIR Worldwide has launched a new severe thunderstorm model Europe that captures the effects of straight-line winds and hail.
AIR says the model enables 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.
In addition, it simulates the highly localised 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 macro events (combinations of microevents).
“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.
To validate the model, AIR says they used a large set of claims data, including detailed claims from some of the largest insurers in Europe.
“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.”
Additionally, AIR announced that it updated its Extratropical Cyclone Model for Europe, including the expansion of the model domain covering a total of 22 countries.
The updated model includes support for several new risk types, including large industrial facilities, wind turbines, marine cargo, and builder’s risk.
