Global insurance broker Willis Group Holdings announced that it has concluded “an exclusive reinsurance intermediary relationship with Accurate Environmental Forecasting, a provider of numerical weather prediction based hurricane hazard products.
“The new information will offer Willis Re primary insurance clients an independent scientific view of hurricane climate forecasts and the potential financial impacts of hurricanes when they threaten the U.S. coastline,” said the bulletin.
“The volume of information that is emerging regarding the influence of climate on hurricanes demands that insurers remain informed and fully review the implications on their catastrophe risk,” noted Julie Serakos, who leads Willis Re’s global catastrophe modeling practice. “Access to AEF scientists and their detailed forecast products will enable our clients to gain deeper insights into a wider range of climate outcomes that could affect their reinsurance needs.”
In advance of an active hurricane season, the AEF information will enable Willis Re clients to consider the effect of many probable climate scenarios on their catastrophe risk, complementing the average increase in hurricane activity that was introduced in commercial catastrophe models this spring.
“The latest research on Atlantic sea surface temperatures shows that hurricane activity over the next several years is expected to be above the historical average,” indicated Isaac Ginis, President and CEO of AEF. “We are excited to make our research on the risk implications of elevated hurricane frequency available to primary insurers through our strong relationship with Willis Re.”
AEF’s hurricane forecast information is expected to be available to Willis clients this hurricane season.
Additional information on Willis Re may be found on its web site: http://www.willisre.com.