Under the partnership, Swiss Re will leverage Reask’s wind speed data to offer tropical cyclone insurance solutions to corporate and public clients.
STORM, which uses the highest reported wind speed at defined locations as a trigger, will be initially launched in hurricane-prone areas of the US and the Caribbean.
Reask leverages a connected framework and machine learning to create natural catastrophe risk models for the insurance industry.
Its tropical cyclone risk modelling product Metryc aims to address the requirements of natural catastrophe (Nat Cat) insurance contracts. Swiss Re plans to use Metryc outside the US and Caribbean.
STORM will be available globally from September 2021.
Swiss Re Corporate Solutions head of parametric Nat Cat Martin Hotz said: “Tropical cyclones continue to pose a major risk. Thanks to our collaboration with Reask, organizations around the world will have access to broader coverage, flexible use of funds and a speedier recovery with STORM.”
Reask CEO Thomas Loridansaid: “Until now, a lack of reliable observations in many tropical cyclone-affected areas have limited the deployment of such solutions beyond established markets. Our Metryc product provides complete global coverage, augmenting scarcely available observations through predictive modelling.”
Last week, insurance and reinsurance marketplace Lloyd’s teamed up with geospatial insurtech McKenzie Intelligence Services (MIS) to offer faster claims service.