The Luxembourg-based climate insurance IBISA is bringing weather simulation to everyone.
The Weather Simulator (TWS) is now collaborating with IBISA to develop the latest tool that allows users to generate realistic simulations of the weather at any given location.
As climate events become more intense and frequent, companies are realizing the importance of weather simulation and risk anticipation to better prepare for potential losses. For example, a severe rainfall event on July 14th, 2021, caused billions of euros in losses for Luxembourg and nearby countries, prompting the question of the likelihood of a similar event occurring in the future.
“What is the probability that 70 mm of rainfall will occur again in the coming years in Luxembourg?”
IBISA, the Luxembourg-based climate insurance, has developed tools using IBISA’s Earth Engine to acquire and analyze satellite data related to extreme weather conditions, estimating the probability of future weather events based on historical data and climate patterns. This technology, originally used for insurance purposes, has potential applications in various industries.
Now, IBISA has introduced The Weather Simulator (TWS) as a standalone product to help industries such as agriculture, construction, transportation, tourism, and energy budget and plan activities that may be affected by weather risks. TWS can also aid in research and development of weather sensitive products, and in long-term investment decision-making. TWS allows businesses to proactively mitigate weather-related risks and safeguard their assets.
Climate change is leading to more frequent and intense flooding across the world, including Luxembourg, where floods from 14th July 2021 caused over €125m in damages. Traditionally, weather simulators have been used in the insurance industry to price policies and underwrite risks. However, as natural disasters become more common, more industries are making use of weather modelling to mitigate their effects.
To meet this growing demand, IBISA has developed The Weather Simulator to help various industries predict the probability of different types of weather events, based on historical data from any region of the world. The simulator has been soft-launched and offers a range of services including wind speed, temperature, heatwaves, and hurricanes.
This kind of technology can help different industries save billions in potential damages. For example, a shopping center in Valencia wanted to upgrade its draining system. They approached IBISA to determine, based on the frequency of flooding, if it was economically viable to install a new draining system. Similarly, a construction company in Ivory Coast tasked with building a hotel resort approached IBISA to conduct a report on rainfall in the area to determine the most suitable construction schedule and ensure staff safety.
“With The Weather Simulator you can make more informed decisions and better prepare for extreme
weather events.” Rosa Aparici, Project Manager at IBISA
The Weather Simulator (TWS) is changing the way of simulating rainfall and can help organizations understand how rainfall will affect them in different parts of the world. By using The Weather Simulator (TWS), businesses can better protect their lives, property, and businesses from the increasing weather risks.
“We are proud at IBISA to have developed The Weather Simulator (TWS) as a standalone product. TWS is revolutionising the way the weather is simulated and can be used to help protect businesses from weather-related risks. We have modeled 42 years of historical weather data to construct a statistical model that attempts to replicate the pattern of the weather data. Thanks to the tool, TWS provides the answers you need to prepare for extreme weather events and protect your business.” Jean-Baptiste Pleynet, Co-Founder and COO IBISA
You can visit The Weather Simulator website and request a demo: https://www.theweathersimulator.com/
