BMS launches severe weather analytics
Re/insurance intermediary BMS Group has launched a new weather risk management tool designed to allow carriers to better understand their risk and manage portfolio accumulations in areas prone to tornadoes, hail, straight-line winds and hurricanes.
The model introduces expanded weather analytics features to make it easier for insurers to manage severe storm risk. These features include live weather feeds from the National Oceanic and Atmospheric Administration, daily severe storm shapes files, active and forecasted hurricane tracks and an historical Property Claim Services event library.
These new features facilitate the understanding of the loss potential in a portfolio by allowing for custom damage ratios to be applied against storm attributes. Additionally, testing portfolio sensitivity to the hurricane track increases confidence in the range of potential loss outcomes for events that make landfall.
“iVision’s new analytical tools augment traditional cat modelling results by enabling users to modify and alter damage ratio and track assumptions for tangible, definable events, which allows them to arrive at a view of loss they can have confidence in,” said Julie Serakos, head of BMS’ Cat Analytics group.
