New transparency with Data-Based Storm Models
The analysis of potential loss scenarios from natural disasters is crucial to the risk management of property and casualty insurers. In STORM CHASER, we have developed a transparent and innovative storm model.
For the first time, storm event sets are generated from historical storm data with the help of Polynomial Chaos Expansion - an innovation that differs clearly from common storm models. While the latter are based on extensive meteorological presuppositions, STORM CHASER's algorithms are transparent and comprehensible.
Besides offering a fast loss estimation of current storms, the software can predict the damage through storm events according to defined recurrence periods. What is more, STORM CHASER is a helpful instrument for the estimation of stress scenarios in the context of reinsurance valuation and ORSA. STORM CHASER may be implemented as a part of the pricing tool ARIANE.