Specialist reinsurance broker Juniper Re has licensed KatRisk’s Severe Convective Storm and Wildfire catastrophe models, expanding its ability to assess and manage risk across two perils that continue to present significant modelling challenges for the insurance market.
The KatRisk Severe Convective Storm Model provides a probabilistic view of hail, tornado and straight-line wind risk, supporting analysis of both individual locations and portfolios.
KatRisk’s probabilistic models are designed to connect hazard science, vulnerability and financial loss within a transparent modelling framework.
This gives organisations the ability to interrogate model assumptions, develop customised views of vulnerability and understand how those choices translate into portfolio-level risk.
The KatRisk Wildfire Model, developed with Technosylva, simulates fire ignition, spread, and insured losses. Beyond direct fire damage, it captures smoke impacts and urban conflagration as fires advance into developed areas.
The new agreement builds on Juniper Re’s existing use of KatRisk’s flood modelling capabilities and expands the relationship into severe convective storm and wildfire.
By incorporating additional, independent views of risk, Juniper Re can evaluate exposure using models built around the physical drivers of each peril, all while preserving the adaptability needed to formulate its own assessments of loss and vulnerability.
“We are pleased to license KatRisk’s severe convective storm and wildfire models to provide the market with an additional, well-founded perspective on risk assessment,” said Adam Miron, Head of Catastrophe Analytics, Juniper Re. “Building on their market-leading flood model, KatRisk brings a differentiated approach to perils that have historically been challenging to model and have often faced criticism regarding validation against experience and the treatment of extreme tail-risk scenarios.”
Martyn Sutton, General Manager, KatRisk, commented: “Juniper Re understands the value of having multiple, scientifically grounded perspectives on risk, particularly for perils where the market’s understanding continues to evolve.
“Our relationship began with flood, and we’re excited to see Juniper Re expand its use of KatRisk into severe convective storm and wildfire. It reflects exactly what we want our models to enable: more choice, greater transparency and the ability for sophisticated modelling teams to build views of risk that reflect their own experience and expertise.”
Together with KatRisk’s established flood capabilities, the models give Juniper Re additional tools to evaluate catastrophe risk across multiple perils within a consistent modelling framework.
The post Juniper Re expands catastrophe modelling capabilities with KatRisk partnership appeared first on ReinsuranceNe.ws.
