The catastrophe risk modelling firm has been updating its European models and expanding their breadth across countries and lines of business
AIR Worldwide has been focusing on updating its catastrophe risk models in Europe. Marine and energy exposures such as offshore wind farms and marine cargo risks in port facilities form part of the expansion.
“This is a big year in Europe for us,” said Bernhard Reinhardt, AIR’s manager for the catastrophe risk modeller’s consulting and client services arm.
“We have updated our extra tropical cyclone (ETC) model and expanded it to include 22 countries in Europe,” said Reinhardt.
The updated model, focused on wind storms, added four new countries in 2018, to include Slovenia, Slovakia, Lichtenstein and Hungary.
“We’ve added support for on and offshore wind turbines,” said Reinhardt. “The general theme when we update our models is to include more lines of business,” he continued.
In this vein, marine cargo within port infrastructure has been added to the model, as well as industrial vulnerabilities, such as large oil refineries ashore.
Ports have been heavily damaged on the other side of the Atlantic by hurricanes such as this year’s Michael, which gutted Panama City port in Florida. Several years ago, Superstorm Sandy also caused major US marine cargo losses.
AIR has also added a new thunderstorm model for Europe, with the same territories and lines as for its ETC model, Reinhardt noted.
“Thunderstorm is more difficult to model, although its scale can be similar to cyclones,” he continued.
AIR has been working on its data sets, combining atmospheric data with weather radars and its on-the-ground observations, Reinhardt added.