Long-range forecasts for hurricanes and tornadoes could lead to better mitigation and preparedness strategies for emergency managers. (Photo: Shutterstock)
U.S. severe convective storms have grown to represent a 10-billion-dollar annual peril for the insurance industry, and their accurate prediction remains a challenging task. In addition, we now live in a world where these extremes are changing in frequency and location. For example, recent research has shown an upward trend for tornadoes in the Mid-South, and a decreasing trend in the notorious "Tornado Alley" of the Great Plains. Changes in the climate, along with changes in the human-built environment, are drastically shifting the landscape of risk associated with natural hazards.
|Weather impact on property & casualty
Organizations and businesses are turning to meteorologists to gain a deeper understanding of our evolving world, and property and casualty insurance is no exception. Insurers like MetLife Auto & Home recognize the growing impact weather is having on its customers and their property. From large hail damaging cars and roofs to hurricane winds and water devastating homes, as insurers, we see first-hand the physical and emotional toll weather has on our customers.
|Preparing for the storm
To prepare for inevitable weather events, insurance carriers are engaging atmospheric science experts to find innovative ways to get ahead of weather incidents. Last summer, MetLife Auto & Home approached Northern Illinois University (NIU) to learn more about emerging weather forecasting methodologies. What if, for example, meteorologists could give accurate forecasts for tornadoes and hailstorms two or even three weeks in advance? In addition to the large annual economic losses, particularly bad years can lead to casualties in the thousands.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now