Solutions for Insurance

Severe Weather Coverage

Property and assets are impacted by the effects of extreme events like hail, lightning, wind, fires, floods, severe winter weather, and hurricanes, just to name a few.

Meteomatics API monitors the probability of these incidents to help insurers:

• portfolio exposure management during extreme events, quickly identifying the potential value at risk from a natural catastrophe
• warn policyholders, mitigating the impacts of extreme events and saving lives
• determine the validity of damage claims by comparing them against the observed weather conditions
• make smarter underwriting decisions based on the likelihood of local severe weather events

Travel Weather Insurance

Travel insurers need to understand and monitor the risks associated with severe weather on touristic locations across the globe.

With our API, insurers can examine historical weather data to assess general seasonal trends in terms of flooding and tropical storms for any location. They can also view nowcasts in 5-minute timesteps and 90m horizontal resolution and consult the outlook for the coming months.

This comprehensive data allows them to better plan their policies, consider weather-related cancellations, and warn their clients about dangerous events during their time abroad. The real-time data can even be used to facilitate automatic claim payment in a parametric insurance policy.

Climate Change Impacts on the Insurance Industry

Climate change is increasing the frequency and severity of weather events in many parts of the world. Even in an (increasingly unlikely) +1.5°C world, weather conditions can be expected to be quite different from today. Hence why we incorporated climate projection data into our API.