Willis Towers Watson (WTW) has expanded its partnership with the Karlsruhe Institute of Expertise (KIT) in a collaboration with NASA’s Disasters Program and the NASA Langley Analysis Centre.
The collaboration goals to enhance the understanding of hailstorm dangers throughout Europe, specializing in their spatial and temporal distribution.
Constructing on greater than a decade of analysis, the brand new part of the partnership will handle the challenges posed by hailstorms, significantly in mild of local weather change.
Hailstorms stay one of the expensive extreme climate dangers in Europe, with growing insured losses lately.
The partnership builds upon the unique Willis European hail mannequin launched in 2014, which was the “first stochastic hail mannequin” to cowl all of Europe.
This mannequin has been adopted by insurers and reinsurers for hail threat estimation and pricing.
On this newest part, the mannequin will probably be up to date with improved knowledge from NASA’s satellites, which observe extreme storms and hailstorms.
The collaboration can even introduce a brand new mannequin set-up for hail hazard evaluation.
Researchers concerned within the venture will examine how local weather components have an effect on hailstorm traits corresponding to hailstone dimension, frequency and harm potential.
WTW climate & local weather dangers analysis lead Daniel Bannister stated: “Our continued collaboration with KIT and NASA ensures we stay on the forefront of scientific analysis, enabling us to supply reinsurers with the insights they want to answer this complicated peril.”
WTW reported internet revenue of $1.25bn (£966.86bn) for the fourth quarter of 2024, a rise from $623m in the identical quarter of the earlier yr.
Nevertheless, for the complete yr of 2024, the corporate registered a internet lack of $88m, in contrast with a internet revenue of $1.1bn in 2023.
This loss consists of greater than $1bn in impairment fees associated to the sale of its unit TRANZACT.
