Verisk Climate and The Hartford Steam Boiler Inspection and Insurance Company Offers New Technology to Assess Risk from Electrical Blackouts
Oct 21 13
Verisk Climate and The Hartford Steam Boiler Inspection and Insurance Company (HSB) introduced new technology and consulting services that help insurers and businesses predict the likelihood, severity, and financial exposure of U.S. electrical blackouts, which cause more than $100 billion in economic damages each year. The Blackout Risk Model is offered through a consulting service provided by Verisk Climate and HSB. The technology can be used to assess the risk of electrical blackouts from hurricanes, winter storms, severe thunderstorms, peak power demands, human error, and other factors. The technology incorporates data and analysis from HSB and Atmospheric and Environmental Research including a database of possible weather conditions, satellite analysis of trees near distribution lines, proprietary knowledge of the electrical grid infrastructure, and detailed economic data. The Blackout Risk Model will help insurers, businesses, and government emergency planners identify high-risk areas so they can better manage their risk and plan for a more effective response when power is disrupted by natural or man-made events. The new modeling tool, which combines the technologies built independently over the past decade by HSB and AER, enables businesses to assess how electrical blackout risk varies by geographic region or grid area, the number of people and businesses likely to be without power in a particular blackout, and how long the outage might last for specific groups of customers.
Atmospheric And Environmental Research, Inc. and The Hartford Steam Boiler Inspection And Insurance Company to Develop Tech Tool to Forecast Blackouts
May 29 13
Atmospheric and Environmental Research (AER) and The Hartford Steam Boiler Inspection and Insurance Company (HSB) announced a strategic alliance that will provide a technology and services solution to comprehensively understand and assess blackout risk in the United States. The technology will be used by insurers and reinsurers, commercial and industrial firms, and other businesses. HSB and AER are commercializing the blackout risk data and technologies that firms built, calibrated and applied within businesses over the past decade. Joint teams will now make it possible for stakeholders to plan for widespread blackouts caused by a broad range of perils to help clients minimize and manage the impact across all lines of business.
The Hartford Steam Boiler Inspection and Insurance Company Partners with National Energy Management
Sep 13 12
The Hartford Steam Boiler Inspection and Insurance Company (HSB), part of Munich Re, announced an agreement with National Energy Management (NEM) to develop tools that help insurance customers take advantage of the reduced electricity rates available in deregulated markets.