As soon as a hurricane threatens to make landfall, reinsurers want to know what their losses are going to be. Insurers need to start planning their claims adjusting activities, and reinsurers want to know how much they will likely pay out to their clients in reinsurance recoveries.
One would think the catastrophe models are the logical places to go for this information. But the traditional models have not provided much guidance to companies as events are unfolding. Even after an event, the traditional model vendors provide wide ranges of loss estimates that are not very useful to decision makers.
Newer, open loss modeling platforms provide more timely and accurate information on hurricanes in real time. This information is valuable not only for real-time decisions but also as important indicators of overall model accuracy.
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