PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data, has announced the launch of a new platform providing real-time industry loss estimates for hailstorm events in Australia.
In addition, the current Wind-Jeannie loss forecasting platforms for Europe and Australia have been updated with enhanced features.
The new industry loss tool for hail, known as “Hail-Jeannie Australia,” provides real-time information on hail sizes and industry losses for severe hailstorms in Australia. This information is updated every six hours and is available 24/7, allowing for continuous coverage of hailstorm activity across the country. It is the first time such a capability is available to the insurance industry.
Hail-Jeannie uses weather radar data from the Australian Bureau of Meteorology (BOM), which are converted into best estimates of hailstone sizes. This information is used to model the industry loss for the past six hours, effectively providing a real-time loss estimate every six hours, seven days a week, 365 days a year. Moreover, the hail and industry loss footprints can be downloaded from Hail-Jeannie at postcode resolution for further analysis.
Wind-Jeannie Platforms
PERILS has also updated the Wind-Jeannie platforms for Europe and Australia to include state-of-the-art animations of approaching windstorms seven days into the future, with detailed interactive maps to evaluate the industry loss forecasts.
PERILS also is developing a Wind-Jeannie platform for Florida hurricanes.
Wind-Jeannie provides industry loss forecasts for windstorm events for the forthcoming 72 hours. Loss forecasts are continuously updated in real-time every 12 hours. Each industry loss forecast is broken down into detailed footprints of the forecasted wind gusts and the resulting losses.
Initially set up by PERILS in 2015, Wind-Jeannie has proved effective in helping re/insurance companies prepare for large windstorm events by providing easily accessible information on the expected magnitude and geographical extent of an industry loss in advance of it occurring.
“Hail-Jeannie Australia provides a new perspective on hailstorm risk for the region as we move into the upcoming storm season,” said Darryl Pidcock, head of PERILS Asia-Pacific.
“It offers multiple benefits to users such as enhancing the ability to understand the potential impact of a hailstorm immediately after an event and helping insurers prepare the necessary resources to respond quickly and effectively to assist those affected by a major event.”
He said the collaboration between PERILS and the BOM around the development of Hail-Jeannie “is a great example of a successful public – private partnership to accelerate the development of new and innovative solutions.”
“Our Jeannie tools are designed in a similar way to weather forecast websites. The information is instantly accessible and easy to understand, whether you use a smartphone, tablet or laptop,” commented Luzi Hitz, CEO of PERILS.
“Moreover, users can set up email alerts for wind and hail events in excess of a defined industry loss level to remain continuously up to date,” Hitz added. “In our view, the Jeannie tools are testimony to the usefulness of PERILS exposure and loss data and the innovation it can trigger and demonstrate our continued commitment to pioneering solutions that provide greater data insight into catastrophe events.”
Source: PERILS
Photograph: In this Thursday, Dec. 20, 2018 photo, storm clouds are seen over the Sydney Opera House and Sydney Harbour Bridge during a hail storm. Hailstones the size of tennis and golf balls have damaged homes and thousands of cars around Sydney. The Bureau of Meteorology called the bad weather Thursday evening the “worst hailstorm in 20 years.” Some hailstones were 5 to 8 centimeters (2 to 3 1/8 inches) in diameter that fell in western Sydney and its suburbs. Photo credit: Brendan Esposito/AAP Image via AP.
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