Guy Carpenter and WSI Create Powerful Hurricane Forecasting Tool for Insurance Industry
Written by Guy Carpenter
29 April 2008
WSI LiveCat ForecastTM Provides Advanced, Highly Accurate 10-Day Forecast For All Named Storms
New York, April 29, 2008 - Guy Carpenter & Company, LLC, the leading global risk and reinsurance specialist, and WSI Corporation, the leader in weather-driven business solutions, today announced the introduction of WSI LiveCat Forecast™, an innovative service for the insurance marketplace that provides accurate 10-day predictions of the path and intensity of upcoming hurricanes and tropical storms.
The WSI LiveCat Forecast service, developed in collaboration with Guy Carpenter, will enable insurance companies to better manage exposures and develop recovery plans with more precision. WSI LiveCat Forecast employs state-of-the-art meteorological models to predict the direction, intensity and duration of a named tropical storm or hurricane, along with U.S. landfall probability, five days beyond the standard five-day forecast period currently predicted by the National Hurricane Center (NHC). This patent-pending technique allows insurers to establish advantageous market positions days ahead of those relying on NHC information alone.
“WSI and Guy Carpenter have developed a forecast that goes well beyond what is currently available for the insurance marketplace. By applying WSI’s deep understanding of weather prediction to advance hurricane forecasting to the next level, WSI LiveCat Forecast gives insurance companies an edge by predicting a storm’s path and intensity up to five days longer than the National Hurricane Center,” said Ira Scharf, General Manager of WSI’s Energy and Risk Services.
“The partnership between Guy Carpenter and WSI resulted in a more complete approach to risk management, by combining a robust meteorological tool with industry-specific knowledge,” said Michelle Harnick, Managing Director, Guy Carpenter. “As WSI LiveCat Forecast provides insurers with extra time to identify areas of greatest exposure and mitigate their risk, Guy Carpenter can help its clients create effective reinsurance solutions.”
Guy Carpenter will provide WSI LiveCat Forecast to its clients through i-aXs™, the firm’s award-winning online data management platform, and will develop additional reinsurance products based on the forecast tool.
Beginning on June 1, 2008, for each named tropical storm or hurricane, WSI LiveCat Forecast will issue: Track and intensity forecasts for each named tropical storm or hurricane, twice daily, up to 10 days out Landfall probability forecasts that are dependent upon storm-specific track uncertainty rather than historical error statistics Weather forecasting skill comparable to or better than the National Hurricane Center
WSI LiveCat Forecast is available either online or via GIS shape files.
About Guy Carpenter Guy Carpenter & Company, LLC is the world’s leading risk and reinsurance specialist and a part of the Marsh & McLennan Companies. Guy Carpenter creates and executes reinsurance solutions and makes available capital market solutions* for clients worldwide through 2,600 professionals across the globe. The firm’s full breadth of services includes 16 centers of excellence in Accident & Health, Agriculture, Alternative Risk Transfer, Environmental, General Casualty, Investment Banking*, Life & Annuity, Marine & Energy, Professional Liability, Program Manager Solutions, Property, Retrocessional, Structured Risk, Surety, Terror Risk, and Workers Compensation. In addition, Guy Carpenter’s Instrat® unit utilizes industry-leading quantitative skills and modeling tools that optimize the reinsurance decision-making process and help make the firm’s clients more successful. Guy Carpenter’s website address is www.guycarp.com.
* Securities or investments, as applicable, are offered in the United States through GC Securities, a division of MMC Securities Corp., a US registered broker-dealer and member FINRA/SIPC. Main Office: 1166 Avenue of the Americas, New York, NY 10036. Phone: (212) 345-5000. Advice on securities or investments in the European Union is provided through GC Securities Ltd., authorized and regulated by the Financial Services Authority. Reinsurance products are placed through qualified affiliates of Guy Carpenter. MMC Securities Corp., GC Securities Ltd. and Guy Carpenter are affiliates owned by Marsh & McLennan Companies.
About WSI Corporation WSI is the most trusted source of weather information across the globe. Top insurance, risk management companies and financial institutions around the globe trust WSI to supply them with easy-to-use, timely and expert weather guidance to help anticipate market volatility, mitigate risk and make critical decisions with confidence. For more information, please visit us on the web at www.wsi.com or call us at 877.WSI.CORP or +44.121.233.7600.
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