The new European windstorm model created by Aon Benfield’s in-house catastrophe development team, Impact Forecasting, is set to create a better understanding of this key peril and the uncertainty surrounding risk modelling, as John Moore, head of International Analytics at Aon Benfield Analytics, explains.
As the time for renewals approaches, Aon Benfield Analytics has architecturally adapted its new model to create something more useful and easy to understand for clients. The new model, which aims to address uncertainty, should help to influence reinsurance behaviours in the years to come, as Moore explains. “The answer is connected to our European windstorm model,” he says. “We’ve invested a lot over the last three years in building technology that will help our clients better understand European windstorm catastrophe risks.”
With Impact Forecasting set on creating something “more open for clients”, Aon felt that it could offer enhanced support to customers in understanding the risks.
“Some customers find it difficult to translate what the models say into a view of risk that fits with their own,” says Moore. “We set about working with the University of Cologne to create a leading edge model for European windstorm.”
Aon Benfield Analytics, John Moore, Impact Forecasting, Reinsurance