24 October 2016 Insurance

PERILS updates loss forecasting facility for European windstorms

Catastrophe insurance data provider PERILS has updated its ‘Wind-Jeannie’ website, which provides live forecasts of insurance industry losses from European windstorms, with more up-to-date loss forecasts based on recent windstorm events.

Wind-Jeannie provides forecasts of the insured property market loss from windstorm events for the forthcoming 72-hours, updated twice a day at 6am and 6pm CET.

To coincide with the second European windstorm season, PERILS has updated its underlying loss model with insights from recent windstorm events such as Elon-Felix (January 2015), Mike-Niklas (March 2015), and Nils (Nov 2015).

Each industry loss forecast is broken down by country and CRESTA (Catastrophe Risk Evaluation and Standardising Target Accumulations) zone, and detailed footprints of the forecasted wind gusts and the resulting losses are available as excel files from the website.

Luzi Hitz, CEO of PERILS, said: "After the launch of Wind-Jeannie last year, we were pleased with its performance during the windstorm season 2015/2016.

"It takes less than 15 seconds to check a forecast and if conducted regularly this can help to establish a clearer picture of the potential impact of an approaching windstorm event and where the most significant insured losses might occur."

Eduard Held, head of products at PERILS, added: "Wind-Jeannie is designed in the same way as a standard weather forecast website. It is fast and user-friendly, and can be accessed via desktop computers, tablets and smartphones.

"Users can also set up email alerts for windstorm events that are forecasted to generate industry losses in excess of EUR 100m. In our view, Wind-Jeannie is unique in the current market place. Its effectiveness to date is testimony to the usefulness of PERILS market data and the innovation it can trigger.”

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