Insurers regularly rely on the National Hurricane Center's (NHC) five-day forecasts to anticipate storms and develop recovery plans. In a move to expand this five-day range, WSI Corporation, a provider of weather-driven business solutions, and Guy Carpenter & Company, LLC, a global risk and reinsurance specialist, have developed WSI LiveCat Forecast.
LiveCat employs meteorological models to accurately calculate twice a day the direction, intensity and duration of a named tropical storm or hurricane, along with the U.S. landfall probability as far as 10 days out. The enhanced foresight and precision should enable insurers to manage exposures more effectively.
"The partnership between Guy Carpenter and WSI has resulted in a more complete approach to risk management, combining scientific methods with industry-specific knowledge," said Michelle Harnick, managing director at Guy Carpenter. "WSI LiveCat Forecast affords insurers extra time to identify areas of greatest exposure and mitigate risk; while Guy Carpenter helps clients create effective reinsurance solutions."
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