Released by Aon Benfield’s catastrophe model development center,
The company says the model can be used to assess losses for residential, commercial, engineering and industrial classes, building structure, contents and business interruption, structural damage from wind, effects of storm surge on coastal regions and water damage as a result of a tropical cyclone rain. The program will then allow insurers to develop reinsurance programs based on the findings.
Aon Benfield cited typhoons as a “major peril” in Asia because of their size and frequency, and said that rapidly growing property exposures will require more “comprehensive and up to date tools” to manage risks.