Today, RMS announced significant updates to its suite of HWind forecasting products, which are part of the RMS HWind Real-Time Analysis solution.
Launched in 2019, the first version of the HWind forecasting products for Atlantic tropical cyclones offered a product suite including an ensemble of forecast tracks, track and gust probability metrics, and individual wind hazard and corresponding loss scenario footprints for the following five days.
Updates include the introduction of coastal storm surge data and forecasts, track intensity forecast maps, industry loss insights, and an increased frequency and variety of deliverables.
With this information, re/insurers and financial markets can make timely, informed decisions understanding both the wind and now storm surge impact of a pre-landfall event.
These decisions often begin well before a storm makes landfall. Companies try to determine potential hazard and loss impacts to exposures at risk and the corresponding uncertainties, often within a narrow decision window. Such real-time decisions can have a profound effect on a company’s financial performance.
Pete Dailey, vice president, model development at RMS said, “If and when tropical cyclone activity escalates and storms threaten exposures at risk, it will become a hectic and fraught time for the market.
“Now is the time for companies to ready themselves and their hurricane event response processes as the climatological peak of the hurricane season approaches.”