Announces collaboration with WSI Corporation, a provider of weather-driven business solutions
Guy Carpenter has announced a collaboration with WSI Corporation, a provider of weather-driven business solutions, to help cedants better assess the impact and potential loss damage of hurricane activity on their US risk portfolios.
Developed with Guy Carpenter, WSI’s new Hazard Forecast Tools will include detailed preseason windstorm forecasts, as well as live hurricane forecasts and updated seasonal forecasts throughout the hurricane season.
WSI’s Hazard Data also will be integrated into i-aXs™, Guy Carpenter’s data management platform. The Hazard Data will be overlaid onto clients’ individual risk portfolios, enabling users to map the specific territories that are susceptible to potential loss before the hurricane season even begins.
Cedants will be able to identify the exact mileposts at which exposures exist and structure an appropriate, customised reinsurance solution—preseason or for a live cat event. Once the 2008 Atlantic and Gulf hurricane season begins on June 1, WSI’s Hazard Data will provide regular updates on wind velocity, direction, land coordinates and potential paths for named storm activity every 12 hours.
“By combining WSI’s unique forecasting capabilities with i-aXs, we can help insurers identify their specific areas of greatest exposure and work with them proactively to structure more efficient programs,” said Michelle Harnick, managing director at Guy Carpenter. “Clients will be able to use these tools to make better informed reinsurance buying decisions, allowing them to manage their capital effectively.”