Catastrophe data company Perils has launched a real-time windstorm loss forecasting tool for Australia, which begins its six-month cyclone season on Thursday.

Similar to the European version, Wind-Jeannie Australia provides estimates of insured property losses from storms expected in the next 72 hours.

It takes less than 15 second to produce a loss forecast, which can be broken down according to states and territories and postcodes.

Users can set up email alerts for losses of above $100 million.

The European platform has provided critical data to insurers since its launch three years ago.

Swiss-based Perils is confident it will achieve similar result here.

“Wind-Jeannie Australia provides a new perspective on windstorm risk for the region as we move into the tropical cyclone season,” Head of Asia-Pacific Darryl Pidcock said.

“It offers multiple benefits to users such as supporting insurers’ preparation of claims and loss adjusting resources, timely internal communication to senior management on possible losses and the potential for it to be used as a tool to facilitate trading of cat risk.

He says further work will involve collecting loss information from actual events “and comparing these to the forecast losses provided by the platform.”