Prepare for an Above-Average Severe Thunderstorm season with EigenPrism

 In EigenPrism Updates

La Niña patterns over the past few months have been the strongest recorded since the extremely active tornado season of 2010-2011 which had the Super Outbreak on April 27, 2011Based on that, the tornado activity is forecast to be above normal for this year.  

So far, there were 53 tornado and 98 hail events reported across the United States since Jan 2021This includes the two destructive tornadoesone in Alabama on Jan 25th and one in North Carolina on Feb 15th and large hail events reported in Texas on Feb 26th on Mar 13. 

Click the images below to see the event footprints on EigenPrism: 

EF3 Fultondale Tornado Damage Footprint

Jan 26, 2021 | 04:52 UTC

EF3 Ocean Ridge Plantation Tornado Track

Feb 16, 2021 | 04:34 UTC

24-hr Hail Reports in Texas

Feb 26, 2021

24-hr Hail Reports in Texas

Mar 13, 2021

How to set-up EigenPrism 

To help prepare for severe weather this season, we recommend taking 3 key steps in EigenPrism: 

  • Data readiness – ensuring your schedules and portfolios contain current data is the foundation for data-driven decisions. When a tornado approaches, viewing up-to-date location information will save valuable time and reduce uncertainty.   
  • Scenario planning – now that your data is current, use the historical and real-time event catalogs to investigate how benchmark events might impact your exposures. Assess the estimated impact of these events, and stress-test programs with what-if scenarios.  
  • Alert thresholds – review your Alert settings and customize thresholds to set the frequency that reflects your requirements. Click here to see which event sets to choose for severe weather. 

Stress Testing Your Insurance Program in a Hard Property Insurance Market

Learn how Gallagher uses Program Builder to create what-if convective storm scenarios and stress test program limits and retentions in a hard insurance market.