BERKELEY, Calif., Sept. 19, 2024 /PRNewswire/ — KatRisk, a premier provider of dynamic catastrophe risk software, has launched its groundbreaking Severe Convective Storm (SCS) model. This unique-to-the-industry tool is designed to transform how the insurance industry manages volatile weather risks, such as hail, tornadoes, and straight-line wind.
With severe convective storms causing approximately $70 billion in insured losses globally in 2023, the need for advanced risk management tools has never been more critical. KatRisk’s SCS model rises to this challenge by offering unparalleled precision and efficiency developed to meet the diverse needs of insurers, government agencies, and financial institutions.
What Sets KatRisk’s SCS Model Apart
KatRisk’s SCS model boasts an array of features and benefits designed to keep clients ahead of severe weather risks, some of which include:
Transparency and Customization
Well-documented, climate science-backed methodologies that provide a strong view on risk, and the ability to customize
High-Resolution Data
Best-in-class resolution offers realistic representations of severe weather events. With a 1-km resolution for hail and straight-line wind and 100-m resolution for tornado, the model captures nuanced intensity gradients critical for accurate risk assessment.
Speed and Efficiency
KatRisk’s SCS model stands out for its speed, facilitating rapid and comprehensive risk analysis.
Climate Variability Integration
Our model captures the impact of global climate patterns, such as El Niño and La Niña, on events. This empowers clients to compute their risk for various climate states.
Global Correlation
Comprehensive correlation between perils and regions delivers a holistic perspective and improved risk management.
“As we continue to see an increased impact of severe convective storms, it becomes essential for the industry to leverage advanced modeling techniques that can keep pace with these changes,” said Jeffrey Chen, the CEO of KatRisk. “Our SCS model is a testament to KatRisk’s commitment to innovation and excellence in catastrophe risk modeling and client service.”
Transforming Risk Management
KatRisk has set the industry standard with its flood risk models, and its SCS model promises the same unparalleled reliability. This powerful tool unlocks improved risk selection, fine-tuned pricing strategies, and greater visibility into severe risk exposure for KatRisk’s clients, enabling data-driven strategies for profitable growth.
“We set out to elevate the approach to severe convective storm modeling. So, we took deliberate and thoughtful steps to ensure our model relies on superior data, leading to smarter decisions and increased profitability for our clients,” added Chen.
Invitation to Explore
KatRisk invites industry professionals to explore how the SCS model can enhance their severe weather risk management strategies. For more details or to schedule a demonstration, please visit www.katrisk.com or email us at contact@katrisk.com.
About KatRisk
Founded in 2012, KatRisk is a leading provider of advanced climate catastrophe risk solutions. With a global presence spanning over 190 countries and a dedicated team of industry pioneers in catastrophe modeling, we have established ourselves as a trusted partner for insurers, governments, and financial institutions worldwide. Perils modeled include inland flooding, tropical cyclone wind, storm surge, severe convective storm, and wildfire.
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SOURCE KatRisk
