EuroTempest, a provider of European storm and weather risk management services for the re/insurance market, has announced the launch of its Global Weather Validation tool.
The company explained that this new tool is designed to assist insurers in validating weather-related claims more efficiently across the globe.
Previously available only in the UK market, the tool uses data from satellite, land-based, and marine weather stations worldwide. It helps insurers detect invalid claims early, reducing the need for site visits and allowing valid claims to be processed more quickly and cost-effectively.
The Global Weather Validation tool also provides reports on key weather hazards that cause damage, including wind gusts, rainfall accumulation (one-hour and 24-hour), rainfall rate, lightning, floods, and hail.
These reports can cover any location globally, offering detailed information within 700 meters of a policyholder’s location. Available through a web browser or integrated into claims management systems, the tool enables fast, precise assessments.
EuroTempest said that its new tool aims to improve the accuracy of weather-related claim validations by using advanced data integration and high-resolution modeling.
By applying its methodology globally, the company also seeks to enhance claims processing efficiency, lower costs, and support customer satisfaction in response to increasingly severe weather events.
A report from S&P Global Ratings highlighted how insurers are expected to mitigate the rising risk from natural catastrophe-related claims through revised underwriting strategies.
However, S&P warns that while these measures may help, credit impacts on insurers with greater exposure to physical climate risks could become more likely over the medium term, particularly if their portfolios are less diversified.
Nick Wood (pictured above), EuroTempest’s commercial director, said the launch will help insurers navigate the growing risks associated with extreme weather events.
“As the frequency and severity of extreme weather events continues to increase worldwide, we’re confident that the tool will prove invaluable to our customers, allowing them to handle claims more effectively and efficiently,” Wood said.
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