Karen Clark & Co., the Boston-based disaster modeling company, on Monday released an American winter storm model that captures loss potential from subperils of snow and ice, freezing temperatures and high winds.
The model includes live event coverage so insurers can predict their claims and losses from storms as they develop, the KCC said in a statement.
On average, winter storms cause nearly $ 3 billion in insured losses annually and can cause over $ 20 billion in extreme events, the KCC said.
The reference model for winter storms contains different classifications of winter storms, not only typical northeast but also Arctic high pressure systems, said KCC.
KCC researchers combined advanced numerical weather forecast data and techniques with historical winter storm climatology.
"The advantage of using NWP is that we can capture the specific atmospheric conditions that lead to each subperil," Dr. Daniel Ward, KCC senior meteorologist, said in the statement.
The KCC has recreated 35 historical events and generated over 1
With live event coverage, KCC meteorologists monitor the daily weather and develop event footprints for major events so that insurers can proactively track the annual total losses from winter storm activity against their risk portfolio, KCC said.
KCC's US winter storm reference model is implemented on the Open Loss RiskInsight platform and all components are transparent to model users, KCC said. Catalog