Impact Forecasting has launched a new suite of catastrophe models focusing on historic and hypothetical events.

They can calculate loss estimates for past events such as Superstorm Sandy, the 2011 Thai floods or European windstorm Kyrill in 2007, to gauge the possible impact of future catastrophes, the Aon Benfield subsidiary says.

Scenarios can also be generated for possible catastrophes based on the highest-possible magnitudes of floods or earthquakes.

Footprints from third parties, including reinsurers and insurers, can be integrated.

The models – available through Impact’s Elements 7 loss calculation platform – allow insurers and reinsurers to validate existing probabilistic models and examine specific events in territories where no models currently exist, the modeller says.

Companies can also monitor exposure in key areas and provide more detailed information for reinsurance purchase and claims management.

“The Elements platform unlocks the full potential of event footprints to estimate losses, computing in minutes work that would take hours to complete using geographical information systems and databases,” Impact Forecasting President Steve Jakubowski said.