Verisk U.S. Hurricane Model for Offshore Assets

The Verisk U.S. Hurricane Model for Offshore Assets captures the effects of waves and tropical storm and hurricane winds on insured assets located in the Gulf of Mexico. This is a fully stochastic, event-based model designed for portfolio risk management. Wind-intensity computations are based on a storm's intensity, size, location, forward speed and direction. Wave estimation is based on the hurricane's meteorological parameters. In the local-intensity component of the model, the effects of hurricane winds and total wave height for each location affected by the storm are considered in order to properly calculate damage to offshore properties. The model is built to meet the wide spectrum of hurricane risk-management needs of all stakeholders, including the insurance and reinsurance industry. It accounts for insurance policy conditions specific to offshore assets of the United States.