Leveraging nationwide hazard risk scores to expand enterprise climate intelligence
Sample distribution of Athenium’s intense rainfall risk scores, available with 11 other perils via API & web dashboard.
Dover, NH — February 15, 2022 — Athenium Analytics, a leading provider of natural hazard and structural risk analytics, announced today the upcoming release of new capabilities essential to building climate intelligence.
Dr. Ellen Cousins, Chief Science & Technology Officer, said Athenium Analytics has significantly expanded the span of its proprietary weather-risk datasets and enhanced its suite of probabilistic models for natural hazards. The patented technology delivers annualized risk scores on a nine-mile-wide gridded basis for severe convective storms across the entire contiguous United States and as granular as 33-feet for perils such as inland flooding.
“Scientific advancements and availability of new data are the driving factors behind the updates to our Gauge risk scores.” Gauge is Athenium Analytics’ proprietary platform for risk scoring, historical event-reporting and exposure management. Dr. Cousins added, “We were able to confidently provide updates to four perils: intense rainfall, hail, straight-line wind and tornado, with each peril including the most recent years of data and the latter three perils incorporating historical data ranging back an additional 26-38 years.”
“These hazards represent key, loss-driving perils of our Gauge product’s severe convective storm suite,” said Dr. Cousins. She noted that 2020 insured losses due to convective weather reached a record estimated level of $30 billion in the United States, or almost half of the losses recorded from all natural disasters that year.
“We are providing clients with even more confidence and a precise view into their overall risk assessment.”
“These advances come at a critical time for property owners, financial institutions and insurance carriers,” Dr. Cousins added. “They are demanding more current and powerful insights to better understand property portfolio risk as the climate changes. Our meteorologists, data scientists and technologists are successfully addressing this important need.”
Lindsay Gray, Senior Vice President for Product Development, said the enhanced Athenium Analytics solutions will be available March 1. “Our solutions, built with historical and statistical insights, contribute significantly to the overall understanding of natural-hazard risk exposure in a changing climate.”
Additionally, Gray added, the company is:
- Providing replacement cost assessments and damageability reports designed to clearly identify structural vulnerability to natural hazard risks over time
- Prioritizing transparency for customers by providing the underlying weather risk data and statistics used to identify risk patterns in over 43,000 grid cells across the U.S.
- Offering multiple, patented delivery systems for dynamically generated scoring, including the Gauge software platform and APIs (application programming interface) for integration into customer platforms
“We believe customers deserve more transparency than what is received from legacy solutions now available in the marketplace,” Gray added. “Athenium welcomes this higher level of accountability and the value it creates for all stakeholders in advancing climate intelligence.”
The damageability insights also are an important step toward measuring climate resiliency in structures, Gray said, taking into account building materials, condition and repair histories. “This work stems directly from our innovation programs with the U.S. Air Force. We analyzed damageability and weather risk at all U.S. military installations in the United States.”
“Athenium’s automated solutions analyzed risk in a broad array of properties on the installations,” Gray added. “They ranged from multi-family housing and single-family dwellings to office buildings and warehouses. That initiative advanced our product capabilities, with excellent insights that now help deliver analysis of privately owned buildings.”
Besides risks from convective storms, Gauge scores analyze the severity and frequency of ice storms, winter storms, hurricane wind, hurricane surge, river flood, flash flood and wildfire across the entire contiguous United States and, for 12 states in the Mississippi River Basin, earthquake.
About Athenium Analytics
Athenium Analytics delivers powerful risk intelligence and SaaS solutions that allow enterprises to identify, measure and mitigate risk. Leveraging proprietary data, predictive analytics and machine learning, Athenium helps organizations improve business operations and make faster, smarter decisions. Its solutions are trusted by dozens of world’s top insurance carriers and more than 60,000 users across the globe.
Discover how your business can leverage this same technology to analyze climate risk across your portfolio. Learn more about Gauge natural hazard analytics here: https://www.athenium.com/products/gauge/