Flood Cover

07/19/2023

Facing More Billion-Dollar Disasters

Navigating Economic Uncertainty Amid More Severe Rainfall Events

Jim robinson
Jim Robinson
Director of Marketing & Communications, North America
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A study finds climate change is projected to result in a 52% surge in heavy rainfall events in the American Northeast. U.S. CEO Paul Walsh discusses the economic implications and heightened importance of dealing with what could be another billion-dollar disaster with Fox Weather.

The constant stream of imagery and heart-stopping stories from recent heavy rain and flood events in Vermont within America’s Northeast is an unforgettable reminder of the implications of climate change.

A recent Dartmouth study predicts an estimated increase in heavy rainfall events across the region by 52%, a big deal when considering about 64 million people call this region of the country home. These predictions align with the advanced weather forecasting capabilities provided by the Meteomatics Weather API, which offers high-resolution weather data to help anticipate such events.

"The storms that we're seeing now, which are connected back at a high level to the El Niño that we're currently in, but embedded in that, are the impacts of climate change. So we're seeing significant impacts from these rains,” U.S. CEO Paul Walsh tells Fox Weather during a recent interview with the network. Such extreme weather events underscore the importance of accurate and timely weather data.

The state is experiencing its worst flooding event since 1927 due to nearly two months of rain falling in less than 48 hours. The water levels in some rivers have risen to approximately 6 meters (20 feet) above average, according to the National Oceanic & Atmospheric Administration.

“In fact, I would expect that when this event is over, it's going to be another billion-dollar event that NOAA will categorize."

From January to July of 2023, NOAA reports the United States experienced twelve weather and climate disasters that caused losses exceeding $1 billion each. Among these events, one was a flooding disaster.

Now’s the time to focus on opportunities for resiliency and building smarter solutions to combat or at least try to plan for events that could have an impact on the economy and what is called “climate tech industries” that are “developing technologies, which will help us number one, better predict the onset of these events. And number two, create analytics that enables insights we can define from historical events, so governments and businesses can help us be better prepared for these events,” said Walsh.

See Historical Data With the Meteomatics Weather API

“This technology enables us to be more resilient, to be more aware of what's going to happen. So the next step is using technologies that layer on top of that forecast to help businesses scale the insights that they can gain from analytics, and maybe even using a bit of artificial intelligence to help better enhance the ability to react in advance to these kinds of things," Walsh added.

Meteomatics Claim Verification Tool: What Is It, and How Does It Function?

In the aftermath of flooding events, such as the recent occurrence in the Northeast, the insurance industry is evolving amidst mounting pressure. The complete withdrawal of certain insurance companies from states like Florida underscores this challenge. "We're being pushed towards a transformative shift in how we conduct our economy, steer our daily lives, and adapt to increasingly severe weather events," Walsh states.

This is where state-of-the-art solutions like the Meteomatics MetX Claims tool come into play. It is crucial for weather verification like insurance claims. From hail, lightning, wind, and fires to floods, severe winter weather, and hurricanes — assets and property continually face the brunt of these volatile weather conditions.

For insurance providers offering coverage for weather-related mishaps, it is paramount to ascertain the authenticity of the claims made. That's where Meteomatics’ tool lends a hand. This innovative tool aids insurers in affirming the veracity of damage claims by juxtaposing them with the observed weather conditions at a specific location and time.

With its predictive capabilities, MetX Claims enables us to anticipate and better prepare for and alleviate the impact of harsh weather events. The future direction of the insurance industry is evident — embracing advanced technological solutions to tackle the growing menace of climate-related issues.

Jim robinson
Jim Robinson
Director of Marketing & Communications, North America

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