reask releases Unified Tropical Cyclone (UTC), a global, climate-connected view of Tropical Cyclone risk
SYDNEY, OCTOBER 14, 2020 – Today, catastrophe risk start-up reask has released an industry first global, climate-connected view of tropical cyclone (TC) risk based on its proprietary machine-learning methodology.
Providing coverage for all TC affected regions of the globe, reask’s Unified TC (UTC) model delivers a holistic approach to measuring the impact of TC wind hazard created specifically for the needs of the world’s leading insurance and reinsurance carriers, intermediaries, and securitised insurance funds.
Building on a unique approach to global hazard modelling, the new model incorporates a 100,000-year simulation event set, capturing the variability in climate drivers of TC frequency and severity.
Implementing reask’s proprietary machine-learning wind field model, UTC can distinguish between the complexity of wind field shapes around the world, from hurricanes in the deep tropics to extra tropical transitioning typhoons. To allow simulation of 1-km resolution 3-second gusts worldwide, UTC is also trained to recognize the impact of terrain features, including changes in roughness and topography. This provides a highly accurate, probabilistic, global-scale view of tropical cyclone risk.
Announcing the release, chief executive officer and co-founder Dr Thomas Loridan says that they are excited to finally share the innovations at the core of their UTC product with the industry.
“These innovations result from of over two years of development, leveraging the recent leap in the volume of accessible global climate data and the machine learning and high-performance computing tools required to process them. We are convinced they represent the next phase of catastrophe risk assessment for climate-related perils with insurance organisations now wanting natural hazard risk solutions without geographic limitations and fully aware of the role played by climate variability.”
Clients can access UTC at the level of its stochastic track set, event gust footprints or via a range of probabilistic hazard layers available for any TC affected country in the world.
More technical details on our UTC products are described here.