Hurricane season in the North Atlantic arrived early this year, giving business owners near the coast a sobering reminder to take natural catastrophes seriously and plan ahead. Despite predictions of a quiet season, even the best prepared businesses can be vulnerable. It only takes one hurricane making landfall to cause significant property damage and leave behind a swath of destruction.
Catastrophe (CAT) models, which use algorithms to estimate potential losses stemming from a catastrophic event, have become key components of property insurance underwriting and are critical tools in quantifying potential losses from hurricane damages. Yet each hurricane season puts CAT models to the test, with potentially billions of dollars riding on the accuracy of these models. The key to developing effective CAT modeled loss estimates is accurate, high-quality data.
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