Aon Benfield launches first pan-Asian typhoon model
Impact Forecasting, Aon Benfield’s catastrophe model development centre of excellence, has launched the first fully functional Asian typhoon model to span the continent. The new model will help insurers analyse the financial implications of typhoons and develop reinsurance programs based on scientific principles.
Typhoons are a major peril in Asia due to their severity and frequency. With rapidly growing property exposures across the region, insurers and reinsurers need more comprehensive and up to date tools to quantify and manage the risks that typhoons bring to their business.
The new model covers the Asian typhoon exposed regions of China, Hong Kong, India, Philippines, South Korea, Taiwan, Thailand and Vietnam, including tropical cyclones generated in the Northern Indian Ocean and the North West Pacific Ocean. As such it has been developed to provide insight for companies with multi-territory exposures including regional insurers, global reinsurance buyers and reinsurers.
Estimated losses are produced for:
• residential, commercial, engineering and industrial classes;
• building structure, contents and business interruption;
• structural damage from wind, effects of storm surge on coastal regions and water damage as a result of a tropical cyclone rain.
Will Gardner, Head of Aon Benfield Analytics in Asia Pacific, said: “The new model, being the first completed of its kind, sets a platform for future scientific and engineering investments in the region. Current models focus on specific territories so we took advantage of the combined data and skills from the Aon Benfield teams to enable re/insurers to take a broader look at their multi-country portfolios. A notable feature of the model is our engineering-based damage functions which have been extensively validated against a range of historic events in Asia and around the globe.”
Adam Podlaha, Head of Impact Forecasting’s International team at Aon Benfield, added: “The new model enhances the suite of Impact Forecasting’s models in Asia Pacific which help re/insurers to quantify potential losses. Furthermore, our models are not ‘black boxes’, meaning we can modify assumptions and parameters based on individual client needs.”
About Impact Forecasting® LLC
Impact Forecasting LLC is a catastrophe model development center of excellence within Aon Benfield whose seismologists, meteorologists, hydrologists, engineers, mathematicians, GIS experts, finance, risk management and insurance professionals analyze the financial implications of natural and man-made catastrophes around the world. Impact Forecasting’s experts develop software tools and models that help clients understand underlying risks from hurricanes, tornadoes, earthquakes, floods, wildfires and terrorist attacks on property, casualty and crop insurers and reinsurers. Impact Forecasting is the only catastrophe model development firm integrated into a reinsurance intermediary. Learn more at www.impactforecasting.com.
About Aon Benfield
As the industry leader in treaty, facultative and capital markets, Aon Benfield is redefining the role of the reinsurance intermediary and capital advisor. Through our unmatched talent and industry-leading proprietary tools and products, we help our clients to redefine themselves and their success. Aon Benfield offers unbiased capital advice and customized access to more reinsurance and capital markets than anyone else. As a trusted advocate, we provide local reach to the world’s markets, an unparalleled investment in innovative analytics, including catastrophe management, actuarial, and rating agency advisory, and the right professionals to advise clients in making the optimal capital choice for their business. With an international network of more than 4,000 professionals in 50 countries, our worldwide client base is able to access the broadest portfolio of integrated capital solutions and services. Learn more at aonbenfield.com.
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.