Willis Re, the reinsurance division of Willis Towers Watson, has collaborated with SpatialKey Inc. to launch a new European Windstorm app.
“This powerful new event response application integrates data from multiple data sources, including EuroTempest, insurance industry experts in forecasting and reporting on European windstorm activity,” said Willis Re in a statement.
Accessible through a web browser, SpatialKey’s European Windstorm application provides “seamless, real-time access to both forecast and historical event data,” the reinsurance broker explained.
This enables insurance claims managers to perform geospatial analysis across an entire portfolio of insured properties exposed to a windstorm, making it easier to assess damage and to respond to claims as quickly as possible. Claims teams can also use the app to track windstorms as they happen, accessing forecast data and event footprints to understand their exposure and manage potential claims costs.
“We’re delighted to give our clients access to valuable windstorm data from EuroTempest through the powerful SpatialKey platform,” said Tim Edwards, head of Europe Catastrophe Analytics, Willis Re International. “Now, Willis Re clients can easily access, visualize, and analyze the windstorm data they need to better respond to catastrophes as they occur.”
SpatialKey, which established a full-time presence in London earlier this year, is releasing the new app at a time when insured losses due to European windstorms average €1.1 billion per year, according to PERILS AG. During a typical season, which begins in November and ends in March, an average of six windstorms threaten Europe, affecting insured properties across multiple countries. European Windstorm is the newest event response app from SpatialKey.
Source: Willis Re
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