Emapsite launches UK windstorm peril model
Data services provider emapsite has launched a postcode-based perils model enabling insurers and underwriters to assess the windstorm risk to properties in the UK.
The windstorm data is available as a discrete data set and through an on-demand data-hub location content platform.
The new model provides a detailed perspective into the distribution of risk based on the latest Met Office data tracking the most extreme winds. It has been created through close liaison with insurance sector clients and provides postcode-sector level granularity along with detailed risk scoring.
Simon Goodwin, emapsite’s business development manager for the banking, finance and insurance sectors, said: “Our windstorm model has been purpose-designed to incorporate high resolution data from the Met Office’s Euro Windstorm hazard maps. It means we can supply clients with an easy-to-implement postcode sector indexed flat file (.csv) structure and scoring methodology.
“The model covers all of the UK, including Northern Ireland, Isle of Man and the Channel Islands. ts currency and level of detail means insurers can enjoy greater confidence in the rationale behind decisions on risk selection, valuation, pricing and accumulations.
He also said the model can provide shorter quotation times and, because it is a hosted solution, he claimed users no longer have to manage their own potentially costly data stacks and IT deployments.
Nick Moody, business manager for insurance and capital markets at the Met Office, added: “Windstorm is potentially the most costly natural peril in the UK. Our high resolution hazard maps are based on a detailed 35-year reanalysis dataset of extreme gust values, giving a robust view of location and severity for the most commonly researched return periods.
“We are delighted to be working with emapsite to make this analysis accessible and easily used for risk research and underwriting.”
