ISO is now providing access to real-time catastrophe loss estimates and critical event information via its ISOnet secure Internet platform, enabling insurers to reportedly make better strategic risk-management decisions as actual events unfold.
The catastrophe information is provided by ISO’s AIR Worldwide Corporation subsidiary through its ALERTTM (AIR Loss Estimates in Real Time) Web site.
ALERT provides critical decision-making information to insurers as an event is unfolding to assist in:
* assessment of loss potential;
* financial management and reinsurance adequacy analysis, such as assessing the need for live cat covers;
* deployment of claims adjusters and resources to disaster sites
identifying territories to stop or continue writing business as hurricanes approach land.
Information about U.S. hurricanes is available on ALERT up to 48 hours in advance of the projected landfall. AIR meteorologists simulate hundreds of potential scenarios using a range of possible storm tracks, wind speeds and other intensity variables. A representative subset of scenarios, together with estimates of their corresponding industry losses, is posted on the ALERT Web site.
Insurers who license AIR’s catastrophe risk-management system can reportedly further benefit from using the scenarios to estimate losses to their property portfolios.
ISO customers can access scenario maps of wind speeds and losses from the Web site over ISOnet. ALERT also provides a narrative description of event parameters, location and projected course of the hurricane.
ISO’s AIR subsidiary has been issuing real-time loss estimates for every U.S. hurricane since Hurricane Hugo in 1989. Since then, the service has been expanded to include current information and loss estimates from natural catastrophes in the U.S. and the Caribbean, tropical cyclones in the Asia Pacific region, extratropical cyclones in Europe and earthquakes in more than 25 countries.
For more information about ALERT on ISOnet, send an e-mail to firstname.lastname@example.org.
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