What is going to be included in the model in the future?

There are a number of extra features and functionality that will be included in the model in subsequent development. Some of the key future improvements to highlight here are:

Exposure

  • Allow for exposure upload beyond simple location/area: Ability for users to upload multiple assets with financial information in the tool.

  • Exposure Analysis Functionality: As exposure information becomes more detailed, ability for users to break down their assets by typology, category, replacement cost and other factors.

Hazard

  • Years of Selection: Ability to vary the timeframe of historical data that feeds the tool. E.g., if the user feels there is a climate impact and would be comfortable using a more recent window, they could select a subset of the available track data, such as the most recent 15 years.

  • Greater Peril Coverage: Additional perils to be included such as flood, wildfire and convective storm. There are potential development plans for 2023 to look at including flood/excess rainfall in the model.

  • Greater Data Source Coverage: Additional data sources for both stochastic event sets and historical data.

  • Hazard Data Upload Functionality: Ability to upload custom stochastic event sets directly into the tool.

Vulnerability

  • Ability to include new types of intensity measures Specifically non-typical humanitarian-based measures e.g., number of people affected by a given disaster.

  • Vulnerability Upload Functionality: Ability to upload custom vulnerability functions directly into the tool.

Simulation

  • Methodological improvements to the historical sampling simulation method including better accounting for land decay and variable RMW by basin.

  • Optimise speed of calculation engine: Ensure large number of simulations can be easily run.

Event Analysis/Loss Analysis

  • Build on range of outputs currently available: As sophistication of inputs increases, an increased and more detailed number of outputs will be generated.

New Tabs

  • Insurance Structuring Tab Although users can price simple parametric insurance covers using the vulnerability tab, there is no explicit tab to structure insurance contracts. This would include specifying excesses, limits and reinstatements of cover as well as the ability to test cover design.

General

  • More sophisticated user feedback: E.g., hover-over tooltips and direct links to appropriate help sections on each page.

  • Optimise Application Performance: Allow a much larger number of users to log on to the application simultaneously without experiencing performance issues.