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Athenium Analytics Uses Its Scientific Expertise To Assess The Risk Of Severe Weather And Structural Damage From Climates

Introduction 

Athenium Analytics provides risk intelligence and SaaS solutions that help businesses detect, measure, and reduce risk. They assist insurers in making more informed, timely decisions. Using predictive analytics and actionable insights, they provide industry-leading insurance software that enables carriers to drive quality, improve performance, and write smarter business.

Athenium Analytics, a leading provider of natural hazard and structural risk analytics, recently announced the upcoming release of new building climate intelligence capabilities.

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Athenium Analytics’ Chief Science & Technology Officer, Dr. Ellen Cousins, stated that the company has significantly expanded the scope of its proprietary weather-risk datasets and enhanced its suite of probabilistic models for natural disasters. The patented technology provides annualized risk scores for severe convective storms across the entire contiguous United States on a nine-mile-wide gridded basis and as granular as 33-feet for perils such as inland flooding.

“The updates to our Gauge risk scores are driven by scientific advancements and the availability of new data.” Athenium Analytics’ proprietary platform for risk scoring, historical event reporting, and exposure management is known as Gauge. “We were able to confidently provide updates to four perils: intense rainfall, hail, straight-line wind, and tornado,” Dr. Cousins continued, “with each peril including the most recent years of data and the latter three perils incorporating historical data ranging back an additional 26-38 years.”

“These hazards are key, loss-driving perils of our Gauge product’s severe convective storm suite,” Dr. Cousins explained. She noted that insured losses due to convective weather in 2020 reached a record estimated level of $30 billion in the United States, accounting for nearly half of all-natural disaster losses that year.

“These advancements come at an important time for property owners, financial institutions, and insurance carriers,” Dr. Cousins added. “As the climate changes, they are demanding more current and powerful insights to better understand property portfolio risk. Our meteorologists, data scientists, and technologists are addressing this critical need successfully.”

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Key Highlights

Deliver industry-leading insurtech platform that uses predictive analytics and actionable insights to assist:

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  • carriers improve quality, 
  • performance, and 
  • write smarter business.

According to Lindsay Gray, Senior Vice President of Product Development, the improved Athenium Analytics solutions will be available on March 1. “Our solutions, built on historical and statistical insights, significantly contribute to the overall understanding of natural-hazard risk exposure in a changing climate.”

In addition, according to Gray, the company is:

Providing damageability evaluations and replacement cost analyses to indicate structural vulnerability to natural disaster threats over time.

Customers will benefit from greater transparency by receiving the underlying weather risk data and statistics that were utilized to detect risk patterns in over 43,000 grid cells across the United States.

The Gauge software platform and APIs (application programming interfaces) for integration into customer platforms are among the patented delivery solutions for dynamically produced scoring.

“The automated solutions from Athenium examined danger in a wide range of attributes on the installations,” Gray explained. “They included multi-family and single-family homes, as well as office buildings and warehouses. That endeavor improved our product capabilities by providing us with valuable data that we can now use to analyze privately held properties.”

Final Words

In addition to convective storm threats, Gauge scores look at the intensity and frequency of ice storms, winter storms, hurricane wind, hurricane surge, river flood, flash flood, and wildfire across the whole contiguous United States, as well as earthquakes in 12 states in the Mississippi River Basin.

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[To share your insights with us, please write to sghosh@martechseries.com]

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