The NHC’s mission is to save lives, mitigate property loss, and improve economic efficiency by issuing the best watches, warnings, forecasts, and analyses of hazardous tropical weather and by increasing understanding of these hazards.
Even on its own, this information has helped people and businesses respond to storms like last year’s devastating storms, Irma and Harvey Fortunately, The NHC provides this information in GIS format that can be integrated into BI tools for risk and insurance professionals to access and analyze. The combination of internal business data with NHC hazard data provides new levels of business insight and allows for data-driven decision making.
As an example, real-time event response with Maptycs can be broken into 3 steps any risk manager can follow when responding to Hurricane Florence:
Step 1: Identify
- Identify where the threat(storm) is
- Identify what locations are at risk
- Observe the storm’s path and projected wind speeds
Step 2: Analyze
- Analyze what, how many, and how much exposure there is
- Assess exposure in relation to the storm
- Aggregate values (TIV) and run reports
Step 3: Decide
- Take Action
- Support timely response to potential impacts
- Communicate and engage stakeholders (senior management, loss adjusters, property managers, etc.)
Combining the projected wind speed probability and storm path from The NHC with internal risk and insurance data lead to immediate insight for data driven risk management decisions and efficient event response.
An example of event analysis and response during Hurricane Harvey is here