2010 Hurricane Season Begins: Knowing, Understanding and Better Managing the Risks, Part IV: Tools for Understanding and Managing Risk
Guy Carpenter offers the solutions to help (re)insurers manage the risks associated with hurricane exposures and preparedness through our forward looking hazard forecasting tools. Assessing the impact and potential loss damage of hurricane activity on a risk portfolio can now be accomplished with more detailed information than ever before.
Developed in coordination with WSI Corporation, these new Hazard Forecast Tools consist of GC ForeCat (a detailed monthly pre-season windstorm forecast from December through April prior to the upcoming hurricane season) and GC LiveCat (a live hurricane forecast, including uncertainty estimates). Predicated upon state-of-the-art meteorological models to predict the track and intensity of hurricanes, these unique forecasts contain features previously unavailable to the marketplace, including hurricane predictions up to 10 days prior to landfall - several days earlier than what is currently provided by the National Hurricane Center (NHC) and other tropical forecasting organizations.
Guy Carpenter established its CAT-i service to provide internal and external clients real-time information on major natural catastrophes (hurricanes, windstorms, earthquakes, major floods) that have the potential to impact the (re)insurance industry. The service provides concise reports summarizing information sourced from the public domain and includes information on the type of event, location, event parameters and where available, economic/insured loss information. The reports are updated as soon as the information becomes available. CAT-i subscribers receive the reports in real-time as they are published. Additionally, CAT-i reports are available, along with additional Guy Carpenter industry-leading intellectual capital, without charge, from GC Capital Ideas, Guy Carpenter’s (re)insurance industry blog.
Guy Carpenter’s i-aXs helps users better understand their data. The award-winning data management platform provides a full suite of web-enabled tools designed to help users translate data instantly, allowing for faster and better informed decisions.
As part of the i-aXs platform, RealCatiX reports assist in monitoring and assessing potential losses to a portfolio as an event is unfolding. By combining satellite imagery with streaming radar that indicates precipitation bands, wind speeds and other related details, users track the potential impact of an event on the portfolio’s locations. The RealCatiX reports automatically calculate the portfolio’s exposure to current, forecast or observed wind fields. Users can drill down to view individual locations and all related policy details, ensuring knowledge in minutes whether a wind storm has affected (or is forecasted to affect) a given portfolio. Additionally, by accessing the platform’s real-time hazard layers, users can gain a full view of a weather-related event - where it has been, where it is forecasted to go - regardless of where the exposures are dispersed.
Guy Carpenter’s outstanding knowledge of the Florida (re)insurance marketplace and our tools and solutions for hurricane preparedness and catastrophe risk management will help companies make educated and informed decisions on the efficient use of capital.
* Securities or investments, as applicable, are offered in the United States through GC Securities, a division of MMC Securities Corp., a US registered broker-dealer and member FINRA/SIPC. Main Office: 1166 Avenue of the Americas, New York, NY 10036. Phone: (212) 345-5000. Securities or investments, as applicable, are offered in the European Union by GC Securities, a division of MMC Securities (Europe) Ltd., which is authorized and regulated by the Financial Services Authority. Reinsurance products are placed through qualified affiliates of Guy Carpenter & Company, LLC. MMC Securities Corp., MMC Securities (Europe) Ltd. and Guy Carpenter & Company, LLC are affiliates owned by Marsh & McLennan Companies. This communication is not intended as an offer to sell or a solicitation of any offer to buy any security, financial instrument, reinsurance or insurance product.
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