Articles | Volume 24, issue 10
https://doi.org/10.5194/nhess-24-3445-2024
https://doi.org/10.5194/nhess-24-3445-2024
Research article
 | 
08 Oct 2024
Research article |  | 08 Oct 2024

Insurance loss model vs. meteorological loss index – how comparable are their loss estimates for European windstorms?

Julia Moemken, Inovasita Alifdini, Alexandre M. Ramos, Alexandros Georgiadis, Aidan Brocklehurst, Lukas Braun, and Joaquim G. Pinto

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Cited articles

Aon: 2023 – Weather, Climate and Catastrophe Insight, https://www.aon.com/getmedia/f34ec133-3175-406c-9e0b-25cea768c5cf/20230125-weather-climate-catastrophe-insight.pdf (last access: 4 October 2023), 2023a. 
Aon: Impact Forecasting – Transparent and Customizable Catastrophe Models and Platform, https://assets.aon.com/-/media/files/aon/capabilities/reinsurance/aon-impact-forecasting.pdf (last access: 23 November 2023), 2023b. 
Bechthold, P. and Bidlot, J. R.: Parametrization of convective gusts, ECMWF Newsletter, 199, 15–18, https://doi.org/10.21957/kfr42kfp8c, 2009. 
Born, K., Ludwig, P., and Pinto, J. G.: Wind gust estimation for Mid-European winter storms: towards a probabilistic view, Tellus A, 64, 17471, https://doi.org/10.3402/tellusa.v64i0.17471, 2012. 
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Short summary
European windstorms regularly cause damage to natural and human-made environments, leading to high socio-economic losses. For the first time, we compare estimates of these losses using a meteorological loss index (LI) and the insurance loss (catastrophe) model of Aon Impact Forecasting. We find that LI underestimates high-impact windstorms compared to the insurance model. Nonetheless, due to its simplicity, LI is an effective index, suitable for estimating impacts and ranking storm events.
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