Catastrophe risk modeling firm AIR Worldwide today announced that it has released a new state-of-the-art severe thunderstorm model for
"Though typically associated with the summer months, severe thunderstorms can strike
The scientifically advanced severe thunderstorm model realistically simulates the highly localized 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 macroevents (combinations of microevents). This is achieved by replicating daily activity based on a comprehensive analysis of historical storm outbreaks. The model reflects emerging scientific and engineering research and leverages data from many sources, including storm report databases, numerical weather prediction, and an unprecedented amount of radar data from recent events. To validate the model, AIR used a large set of claims data, including detailed claims from some of the largest insurers in
"Because of the localized nature of individual hailstorms and straight-line winds as well as potential for major outbreaks affecting the ever-changing built environment, using historical losses for risk assessment and management is not sufficient," said Dr. Cagdas Kafali, senior vice president, research and modeling, AIR Worldwide. "The model was built to meet the wide spectrum of severe thunderstorm risk management needs of all stakeholders, including the insurance and reinsurance industry, and accounts for insurance policy conditions specific to each modeled country."
In addition, AIR announced that it updated its Extratropical Cyclone Model for
Dr. Kafali concluded, "Used in concert, the AIR Extratropical Cyclone Model for
The AIR Severe Thunderstorm Model for