BMS Group has announced a new weather risk management module as part of its iVision suite of analytical tools and services.
The unique analytical tools allow carriers to better understand their risk and manage portfolio accumulations in areas prone to tornadoes, hail, straight-line winds and hurricanes.
The new module introduces expanded weather analytics features that make it easier for insurers to manage severe storm risk, including:
- Live weather feeds from NOAA.
- Daily severe storm shape files featuring AER Respond weather data, highlighting tornado paths, active hail areas, hail size and density.
- Active and forecasted hurricane tracks including detailed hurricane wind-field shapes.
- Historical PCS event library with one-of-a-kind PCS cat event shape files, available exclusively from BMS.
“iVision’s new analytical tools augment traditional cat modeling results by enabling users to modify and alter damage ratio and track assumptions for tangible, definable events, which allows them to arrive at a view of loss they can have confidence in,” says Julie Serakos, head of BMS’ Cat Analytics group.
These new weather analytics features facilitate the understanding of the loss potential in a portfolio by allowing for custom damage ratios to be applied against storm attributes. Additionally, testing portfolio sensitivity to the hurricane track increases confidence in the range of potential loss outcomes for landfalling events.
BMS’ iVision is an easy-to-use catastrophe risk management system carriers can access online. Built on the latest GIS technologies, iVision helps today’s insurance companies increase efficiency and effectiveness in managing their catastrophic risk. iVision’s other analytical features include BMS’ proprietary ScenarioView for DIY event analysis and RiskReveal location cat modeling (featuring AIR and RMS cat models) for underwriting.