Catastrophe data loss aggregation and estimation firm PERILS has announced the launch of Wind-Jeannie Australia, and has updated the underlying loss model for its European forecasting platform with new data.
First launched in 2015, Wind-Jeannie is a website that provides real-time loss forecasts for approaching windstorms, and aims to help re/insurers prepare for catastrophe events by offering information about the magnitude and geographical extent of expected losses.
Like Wind-Jeannie Europe, Wind-Jeannie Australia will provide forecasts of the insured property market loss from windstorm events for the forthcoming 72 hours, with real-time updates provided every 12 hours.
Additionally, the platform offers email alert services and animated gust forecasts for the upcoming seven-day period.
PERILS also announced that it has updated Wind-Jeannie Europe with new data from recent windstorm events, including January’s Friederike and Burglind, as well new information for modelled sums insured from the PERILS Industry Exposed Database 2018.
“Wind-Jeannie Australia provides a new perspective on windstorm risk for the region as we move into the upcoming tropical cyclone season,” said Darryl Pidcock, Head of PERILS Asia-Pacific.
“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,” he continued.
“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.”
Luzi Hitz, Chief Executive Officer (CEO) of PERILS, also commented: “Wind-Jeannie is designed in a similar way to a weather forecast website. 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.”
“Users can also set up email alerts for windstorm events with forecasted industry losses in excess of AUD 100m for Australia and EUR 100m for Europe,” Hitz said. “In our view, Wind-Jeannie is testimony to the usefulness of PERILS market data and the innovation it can trigger.”
Finally, Nick Hartry, Executive Manager for Reinsurance Operations at IAG, stated: “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,” he added.
