I'm at the yearly Baden Baden insurance event where I got to present Swiss Re's new winter storm model for Europe. The new model is revolutionary for several reasons: First, we have rebuilt our winter storm model from scratch. Weather reanalysis data ("weather hindcasts") reaching back over the past 140 years set the foundation for our new model which above all is designed to work at the highest granularity, taking the specifics of each individual risk into the assessment. This makes it unique in the market!
Other features include:
- The model is built on NOAA's 20th Century Reanalysis (20CR) data-set, giving us an unprecedented 140-year basis of historic storm activity.
- It works at the highest resolution possible, down to the individual risk. So location and exposure definition matter like never before.
- Historic event losses and vulnerabilities have been comprehensively reassessed drawing from specific client collaborations, engineering and loss adjuster expertise as well as Swiss Re's data archives.
- The model looks at event clustering and resulting costing implications (e.g. annual aggregate covers, drop-down covers).
Phase 1 of the new model was completed in August 2014, which covers Germany, Denmark, France, Benelux, the UK and Ireland. In August 2015 we'll be incorporating additional markets including the Nordics, Austria, Switzerland, Poland and the Baltic States.
Read more about the new winter storm model in the factsheet:
"European winter storms: Ramping up risk assessments with Swiss Re’s next generation model" http://media.swissre.com/documents/Factsheet+Winterstorm.pdf
For more videos and articles of our activities at Baden Baden, visit: www.swissre.com/badenbaden2014
Category: Climate/natural disasters: Floods/storms