Meteo Risk Response©: A smart approach to manage weather related exposures

Eivind Helland, Kjell Garatun-Tjeldstø, Hanspeter Frei, Thomas Gerlach, Sebastian Glink

Abstract


Economic and human losses due to severe weather conditions are increasing and trending for the worse. This rise, in combination with the increasing complexity of global supply chains is forcing companies to respond. Moreover, an additional public demand for corporate responsibility and transparency is adding to the pressure. An integrated new risk management approach for weather related (flood and storm) exposures to optimize the enterprise risk portfolio in a dynamic way has been developed and is offered by MRR. The developed proposition is a joint effort of three specialist companies: a leading weather service provider, a risk management expert team and IT solution partner. Meteo Risk Response (MRR) provides a strategic competitive advantage by delivering deeper insights into the effects of severe weather exposures and mitigations to minimize property damage and consequential financial losses to large corporate organizations and commercial premises.

Keywords


natural hazards; weather related risk exposure; enterprise risk management; flooding

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References


AON Benfield, Catastrophe Insight, http://catastropheinsight.aonbenfield.com/Pages/Home.aspx

Helland, E. and Garatun-Tjeldstø, K. (2014) - Optimization of the Enterprise Risk Portfolio, SOA Monograph M–AS13–1

Meteo Risk Response, http://www.meteoriskresponse.com

Munich RE, NatCatSERVICE, http://www.munichre.com/en/reinsurance/business/non-life/natcatservice/index.html

Swiss Re, CatNet, http://www.swissre.com/clients/client_tools/about_catnet.html