As soon as a hurricane threatens to make landfall, reinsurerswant to know what their losses are going to be. Insurers need to startplanning their claims adjusting activities, and reinsurers want toknow how much they will likely pay out to their clients in reinsurance recoveries.
One would think the catastrophe models are the logical places togo for this information. But the traditional models have notprovided much guidance to companies as events are unfolding. Evenafter an event, the traditional model vendors provide wide rangesof loss estimates that are not very useful to decisionmakers.
Newer, open loss modeling platforms provide more timely andaccurate information on hurricanes in real time. This informationis valuable not only for real-time decisions but also as importantindicators of overall model accuracy.
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