Met Office develops windstorm suite
The Met Office has developed a suite of European windstorm products and services aimed at supporting reinsurers, insurers and brokers this coming winter and beyond.
The insurance and capital markets applied science team at the Met Office developed hazard maps designed to support risk pricing at a local level. The product suite includes a catalogue of historical windstorms for portfolio management and capital reserving and alerts and impact analysis of incoming storm events for insurance operations.
Paul Maisey, Met Office head of science for insurance and capital markets, said: "Insurers are always under scrutiny to ensure that they can meet their obligations after extreme natural events. As an independent scientific organisation we can bring some real insight into the hazard component of the risk calculation. These are early days for us in this industry but the signs are that the team's Euro windstorm services will be well received."
