Guy Carpenter unveils hail model for Slovenia

Since 2004, Slovenia has been affected by severe weather events that have included damage from hail. The weather events combined wind, flooding and hail resulting in total estimated insured losses of €200m.

Hazard data for the Guy Carpenter hail model was provided by the Environmental Agency of the Republic of Slovenia and comprises 10 years of radar data, from which hail track ellipses were determined. The high frequency of hail events has enabled the full probabilistic modelling of the peril, despite the relatively short period of historic radar data. The model's stochastic event set contains over 15 000 hail events.

The exposure model allows import of geocoded portfolio information, while a detailed built environment database also allows lower resolution portfolio information to be imported, by disaggregation of the data into a high-resolution modelling grid.

The vulnerability module contains damage curves for all major lines of business that have been calibrated using over 90 000 hail claims from the region, while the newly updates financial module of the reinsurer's model platform G-Cat, enables the application of all types of deductibles and limits on a per policy or per risk basis.

Commenting on the new model, Nick Frankland, CEO of EMEA Operations, Guy Carpenter, said: "With the successful development of this valuable model, we now offer a full range of catastrophe modelling services to our clients in Slovenia."