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New RMS HWind Forecasting Solution Offers Critical Insights Pre-Landfall for North Atlantic Hurricanes
RMS HWind Forecasting Products Debut Follows Second Consecutive Year RMS Wins Reactions North America Risk Modeler of the Year
NEWARK, Calif. -
October 03, 2019 -
RMS, a leading global risk modeling and analytics firm, announced the release of RMS HWind forecasting products for the North Atlantic Basin. Available as part of the RMS HWind Real-Time Analysis Solution suite, RMS HWind forecasting products support proactive event response strategies ahead of landfall by delivering five-day forecast track scenarios, hazard footprints, and gust probability analytics every 12-hours once a tropical cyclone has been named.
Jeff Waters, Senior Product Manager of RMS North Atlantic Hurricane Models, said, “Powered by a combination of HWind real-time observational data feeds, real-time track forecast data, and the RMS North Atlantic Hurricane modeling framework, our new forecasting products help the market gain earlier insights into potential hazard and loss impacts before landfall, informing key, time-critical decisions as the event unfolds. Having access to analytics based on real-time data that reflects an accurate range of uncertainty with track scenarios only increases the confidence and reliability in those decisions.”
To test the efficacy of the HWind forecasting products prior to their release, RMS validated them against more than 15 historical storms over more than 15 years. The product suite went live for Hurricane Dorian earlier this season, exhibiting useful insights for the market, particularly when the storm was threatening to make landfall in Florida.
Mark Powell, Founder of HWind and Vice President of Model Development at RMS, said, “Several days before Hurricane Dorian’s closest approach to Florida when industry stakeholders were gearing up for an impending landfall, HWind forecasting products demonstrated an increasing probability of the storm sparing Florida and instead recurving to the north.”
HWind Forecasting Products use proprietary RMS methodology that utilizes 100+ real-time track forecasts across a variety of domestic and international weather forecasting models. Data is combined with HWind analytics and the RMS North Atlantic Hurricane Models framework to produce a suite of representative forecast scenarios every 12 hours once the storm reaches tropical storm intensity or greater. The hazard and corresponding loss analytics associated with each scenario are consistent with how RMS models hurricanes today throughout the North Atlantic Basin.
Collectively, RMS HWind forecasting tools support a user’s ability to understand forecast track, timing, intensity and uncertainty across multiple forecast scenarios up to five days before landfall, including the ability to quantify potential losses for each scenario against exposure(s) at risk.
This new offering is an example of the innovative (re)insurance-critical risk tools delivered by RMS that have garnered industry recognition, such as a recent award at the Reactions North America Re/Insurance Awards in New York on September 28, 2019. For the second year in a row, RMS was named North America Risk Modeler of the Year by market vote and an independent group of industry judges. This award underscores the company’s commitment to remaining a dependable source of guidance for clients, offering them – and the market – advanced, easy-to-access, data and science-based insights.
The award win and the release of RMS HWind forecasting products support the company’s strategic vision to continue offering future-proof risk solutions, purpose-built to support insurance and financial market needs.
RMS models and solutions help insurers, financial markets, corporations, and public agencies evaluate and manage global risk throughout the world. RMS has over 1,200 employees across 13 offices in the US, London, Bermuda, Zurich, India, China, Japan, Singapore, and Australia, with products and models covering six continents.
We lead an industry that we helped to pioneer—catastrophe risk modeling – and continue to innovate. In May 2019, we announced the launch of Risk Intelligence™ (RI), an open, flexible and future-proof platform for strategic risk management. Through this purpose-built platform, clients can tap into RMS HD models, rich data layers, intuitive applications and APIs that simply integrate into existing enterprise systems to support business decisions across underwriting, risk selection, mitigation and portfolio management.
Insurers, reinsurers, trading companies, and other financial institutions trust RMS solutions to better understand and manage the risks of natural and human-made catastrophes, including hurricanes, earthquakes, floods, terrorism, and pandemics.
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