Why does the weather have to be an excuse for poor business performance?
The use of data and analytics is transforming the way we understand and protect against this type of risk. Insurers have started to use big data in innovative new ways to create products to help companies ride out the unexpected weather conditions.
Research firm Aite Group reports that 79 percent of insurers believe data and analytics will significantly impact the needs of property and casualty customers. Big data analysis can help perform risk and concentration analysis and catastrophe modelling, allowing for those companies to then take steps to better plan things like project implementation, sales and product strategies, and helps them manage risk through insurance and hedging.
This data is getting increasingly detailed. Current technology allows companies and risk underwriters to understand local weather conditions down to 250m by 250m square (820ft by 820ft) areas.
This unprecedented level of insight is unlocking whole new ways of managing and planning for weather risk.
Download our white paper now and understand how weather risk management can benefit your business.