RMS Releases New High Definition Models for European Severe Convective Storm
Summary
The HD framework enables modeling time-based policy conditions such as hours clauses of varying length, fulfilling the diverse needs of European insurers for underwriting, portfolio management, and capital adequacy. This includes dynamic modeling of automobile movement, helping users understand sensitivity in vehicle vulnerability due to variation in location and time of day. We use a hybrid modeling approach combining parametric and statistical methods which best capture storm footprints, and their associated frequency and severity, hence enabling the assessment of cross-peril correlations. The multi-peril stochastic set includes over 7.5 million events, covering 17 countries, based on 50,000 years of simulations, so that we appropriately capture the spatial and temporal scale of convective storm risk in the European modelling domain. * - The 17 countries are: Austria, Belgium, Czech Republic, Denmark, France, Germany, Italy, Liechtenstein, Luxembourg, the Netherlands, Norway, Poland, Ireland, Slovakia, Sweden, Switzerland, and the United Kingdom.