Automated Event Response
Learn how your organization can benefit from Impact Forecasting’s Automated Event Response.
What is Automated Event Response?
Using weather forecast and station data, Impact Forecasting’s Automated Event Response combines its expertise in natural disaster modeling with a personalized approach to loss estimation.
Using Automated Event Response in the (Re)Insurance Industry
- Estimating impact on particular portfolios
- Resources allocation and decision making
- Claims adjustment process
- Live cat and industry loss warranty products
- Benchmarking other estimates
Automated Event Response by Region
Perhaps more than any other natural peril, hurricanes can produce some of the most widespread damage and humanitarian impacts from a singular event in the United States. As technological and scientific advances continue to be made, forecasters today better understand where these storms will track and the potential physical impacts they may cause.
Today’s weather-based computer models offer an opportunity for insurers to estimate the impact of costly windstorms before they occur. Using real-time numerical weather prediction model output from different meteorological agencies can help better quantify and forecast the range of uncertainty when determining loss estimates for a pending event.
Typhoons affect Japan mainly between July and October every year and are among the most damaging perils besides earthquakes. Advancements in global observing systems and computing resources offering more reliable forecasts of storm tracks enable insurers today to have a first-hand grasp of their potential business losses several hours before a typhoon makes landfall.
Impact Forecasting is delighted that Automated Event Response has been recognized by InsuranceERM as the winner of the Catastrophe Risk Modelling Solution of the Year in the 2022 Americas awards.
Additional Catastrophe and Forecasting Solutions
In an increasingly risky world, insurers and reinsurers need more sophisticated tools to quantify and manage the risks facing their businesses. Aon’s catastrophe model developers, Impact Forecasting, enable firms to analyze the financial implications of catastrophic events and better understand their risks.
As climate change continues to affect the frequency and intensity of weather events and as demographic patterns shift worldwide, the impact of natural disasters will only increase. Catastrophe Insight helps to communicate natural disaster risk using data and science through catastrophe reporting, historical data analysis, event response and client consulting.