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Local start-up launches global cyclone risk model

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Sydney-based start-up risk modeller Reask has released a new unified tropical cyclone model which it says is the “next phase” of catastrophe risk assessment and offers insurers natural hazard risk solutions without geographic limitations.

Reask’s model is created specifically for the needs of insurance and reinsurance carriers, intermediaries and securitised insurance funds.

This new climate-connected view of tropical cyclone risk, with global coverage, utilises Reask’s proprietary machine-learning methodology, which is trained to recognize the impact of terrain features and provides a highly accurate, probabilistic, global-scale view of tropical cyclone risk.

CEO and co-founder Thomas Loridan says the innovation leverages a recent leap in the volume of accessible global climate data as well as the high-performance computing tools required to process it.

“They represent the next phase of catastrophe risk assessment for climate-related perils, with insurance organisations now wanting natural hazard risk solutions without geographic limitations and fully aware of the role played by climate variability,” Dr Loridan said.

The new model incorporates a 100,000-year simulation event set, capturing the variability in climate drivers of tropical cyclone frequency and severity. It can distinguish between the complexity of wind field shapes around the world, from hurricanes in the deep tropics to typhoons.