Aon Benfield, a reinsurance and services provider, has launched the first functional Asian typhoon model to span all of Asia, the company says.
Released by Aon Benfield’s catastrophe model development center, Impact Forecasting, the new model is designed to help insurers assess the impact typhoons have on China, Hong Kong, India, Philippines, South Korea, Taiwan, Thailand and Vietnam. The model is also designed to assess damage caused by tropical cyclones born in the Northern Indian Ocean and the North West Pacific Ocean.
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.
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