The model incorporates the effects of global climate patterns. Credit: 2M media/Shutterstock.

US-based catastrophe modelling company KatRisk has introduced a severe convective storm (SCS) model to enhance the insurance sector’s management of severe weather risks.

The new offering is intended to ‘transform’ the industry’s approach to managing risks from hail, tornadoes and straight-line winds.

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KatRisk’s SCS model is distinguished by its high-resolution data, offering a 1km resolution for hail and straight-line wind and a 100m resolution for tornadoes.

This feature enables the model to capture detailed intensity gradients that are essential for precise risk assessment.

KatRisk’s new model features transparency and customisation capabilities. It utilises well-documented methodologies backed by climate science, providing a strong view on risk and allowing for modifications to meet client-specific needs.

Furthermore, this tool is designed for speed, enabling rapid and comprehensive risk analysis.

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KatRisk CEO Jeffrey Chen said: “As we continue to see an increased impact of severe convective storms, it becomes essential for the industry to leverage advanced modelling techniques that can keep pace with these changes.

“Our SCS model is a testament to KatRisk’s commitment to innovation and excellence in catastrophe risk modelling and client service.”

The model also incorporates the effects of global climate patterns such as El Niño and La Niña on weather events. This integration allows clients to evaluate their risk under various climate conditions.

Chen added: “We set out to elevate the approach to severe convective storm modelling. So, we took deliberate and thoughtful steps to ensure our model relies on superior data, leading to smarter decisions and increased profitability for our clients.”