A modeling firm said that a system of new weather stations it uses to monitor storm winds for parametric insurance kept going through Hurricane Ike when 10 government installations failed.
The announcement was made by Newark, Calif.-based RMS modeling firm, which uses hardened installations provided by WeatherFlow.
Their stations, which recorded wind speeds at seven locations in the Houston/Galveston area during Ike, support the WindX and Paradex parametric indices, which allow reinsurers and insurers to transfer risk to the capital markets based on wind speeds rather than insured losses.
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