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Insurers put funding into weather forecaster

Tokio Marine HCC and WR Berkley have invested $US17 million ($22.1 million) in Weather Analytics, a provider of weather and risk-predictive software for the insurance industry.

The capital takes the US-based software-maker’s overall funding above $US30 million ($39 million).

“This financing will accelerate scientific and technical innovation that vastly improve decision support in risk selection, pricing and policyholder services for insurance companies across the globe,” Chairman and CEO Bill Pardue said.

WR Berkley, a client of Weather Analytics, believes its investment will pay off.

“From underwriting, to actuarial sciences, to claims – the potential for better decision-making and improved services to insureds is tremendous,” President and CEO Robert Berkley said.

“As a client of Weather Analytics, we already are seeing concrete benefits by leveraging transformational technologies originally developed for the national intelligence and defence communities.”

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