FORECASTS AND ALERTS
The Truth Behind the Headlines
EuroTempest Storm and Flood Alerts provide management teams with the earliest and most reliable warning of impending events. Based on a range of weather forecast models which are continually monitored by our meteorologists, automatic alerts are issued if we detect conditions across the UK or Europe which are likely to affect you. So if an event is going to impact your business, we know about it first. And if it is NOT going to impact your business, we know that first too.
Be Proactive Not Reactive
EuroTempest’s Operational Forecasts are unique in providing clients with a quantitative estimate of the impact that serious weather conditions will have on their business. As an example, our insurance impact forecasts are provided up to 5 days ahead of a developing condition and indicate the timing, expected number, location and cost of insurance claims. For major events these forecasts are critical in helping senior management determine the resource implications, helping the team get ahead of the game and enabling them to support customers more effectively. In the UK our Loss/Claims Forecasts now cover 5 million properties with a total sum insured of £830bn, representing around 30% of the UK market.
The EuroTempest Flood Risk Alert Service is designed specifically for the insurance sector and provides operational teams with advanced notice of serious flooding events. Based on the company’s proprietary models, coupled with data from agencies across the UK, the service provides early warning of locations at risk of flooding, up to 5 days ahead.
The alerts are based on the EuroTempest Flood Risk Index which is calculated daily based on developing conditions, taking into account insurance exposure. As a result the Flood Risk Alerts provide the most relevant and reliable warnings to the industry, giving insurers the opportunity to prepare their response and put in place mitigating measures.
Support Customers – Minimise Costs
As events unfold, claims and operations teams need accurate information so they can support their customers. For weather-related claims EuroTempest’s Weather Validation Tool is now helping some of the Europe’s biggest insurance providers to successfully deliver cost savings and business improvements. Our reference customers can testify to its ease-of-use and reliability. With its focus on comprehensive, factual and reliable data collected hourly from over 2,400 weather stations across Europe, the tool helps claims handlers make accurate and fair judgements based on available information.
Modelling the Changing Weather Risk
Whether it is for calculating the reserving risk as events develop or for refining the underwriting models for weather risk in policies, EuroTempest can provide full reference data in a range of formats to suit the customer. The EuroTempest windstorm representation is now becoming widely accepted as a standard for carrying out comparisons with model outputs. Reinsurance teams, brokers and cat modelling agencies have also used our event catalogue and vulnerability functions to evaluate losses from historic events.
EuroTempest storm forecasts and post-event data are also available in GIS-compatible formats so that customers can display and integrate them with portfolio data using their own tools. EuroTempest has partnered with SpatialKey to bring its footprints to SpatialKey customers.
Understanding Historical Events
To support your weather risk analysis EuroTempest can supply a range of historical datasets covering measured wind speed, rainfall and temperature parameters. Eurotempest archives hourly observation data from over 2,400 European weather stations, together with weather forecast data, going back to 2007. We also hold data for significant windstorm events going back to 1981 and can provide specific data for earlier periods on request. Our service provides a one-stop shop for all your weather data needs and including our own data QA and formatting to customer requirements.