Understanding this component of the peril still poses some challenges in the industry. Whilst European windstorm clustering behaviour is now accounted for to some degree in most catastrophe risk models, how this clustering behaviour varies both within a season and across different geographies is less well understood or captured. Additionally, we only have limited historical loss data with which to validate catastrophe models.
In light of this, a new partnership between the University of Birmingham and the Gallagher Research Centre seeks to deepen our understanding of storm clustering. The research, which began earlier this year, plans to investigate the spatial and temporal structure of storm clusters, identifying large-scale drivers of European windstorms, including storm corridors and regions that are more vulnerable to clustering.
The research will help improve risk modelling of this peril in the insurance industry, highlighting regional variance in clustered storm behaviour, and between early and late season storms.
Learn more about the early findings from this research on European windstorm clustering in our report.
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