In this podcast and article, Robin Luo, HSB's Vice President and blackout model project manager, explains why power outages are a growing risk causing economic losses over $100 billion per year, and how the Blackout Risk Model helps businesses and insurers manage the risks.
"ILS fund Fermat Capital is among the sponsors of a new research programme on US and Canadian tornado risk."
"A new research program, launched by scientists at Atmospheric and Environmental Research (AER) alongside insurance, reinsurance and insurance-linked securities sector companies, aims to quantify any shifts in hazard patterns for severe thunderstorms, tornadoes and hail in the U.S."
AER Emerging Risk research program will create new datasets and assess trends in risk due to climate change.
First observation-based investigation of the relationship between ocean bottom pressure and sea level over the global ocean on interannual time scales.
AER and HSB alliance gives users a better sense of how the intersection of weather events and an aging power grid threaten the power infrastructure on which businesses depend.
Outstanding explanation in “plain English” of the risk to the electrical grid that could occur from a solar flare and recommended approaches to address the problem, summarizing the Lloyd'sreport “Solar Storm Risk to the North American Electric Grid” which was co-authored by AER scientists.
Highlights joint research by Lloyd's and AER and initiatives by the federal and state governments and industry to make the electric transmission grid more resilient.
Kyle Beatty of AER explains why P&C insurance companies have asked AER and 11 other companies to conduct research on tornado and hail frequency in Canada and the U.S. AER, Zurich Financial Services and CSC outline the importance of detailed weather and climate data to make better business decisions in...
"Blackouts can leave even the most conscientious risk managers in the dark. With this problem in mind, HSB and AER are partnering to provide a new service that will help risk managers prepare for blackouts."
" “The alliance enables a significant advance in this area and will be a great benefit to the thousands of organizations and tens of millions of people affected every year by blackouts,” said AER president and CEO Ron Isaacs." -Boston Business Journal
The Munich Re unit has partnered with Atmospheric and Environmental Research to develop a technology that insurers and clients can use to assess blackout risk.
"...his (Seasonal Forecast Team leader, Dr. Judah Cohen) outlooks for North America and Northern Hemisphere overall were strikingly accurate – putting other seasonal forecasts to shame." - Jason Samenow, Washington Post, Capital Weather Gang
"By identifying just 100 properties with preexisting damage, we estimate LOCATION Hail Damage Score can help individual carriers avoid as much as $1 million in claims payments for damage occurring before the policy term." - said Neil Spector, president of Verisk Underwriting.
Climate Change Business Journal awarded AER for innovations in forecasting solar and wind energy resources.