Atlantic Hurricane Season 2023: Stay Prepared with Actionable Insights on EigenPrism

June 1 marks the beginning of the Atlantic Hurricane Season 2023 which runs till  November
30th, with its peak activity occurring between August and October.

According to NOAA’s hurricane outlook for 2023, there is a 30% chance of an above-average season and a 40%
chance of a near-normal season. It is anticipated that there will be around 12-17 named storms, including 5-9
hurricanes, 1-4 of which will be major hurricanes (category 3 or higher).

The 2022 hurricane season was marked by several powerful storms that left a trail of
destruction in their wake. In total, this hurricane season produced 14 named storms with winds of 39 mph or
greater, of which eight became hurricanes with winds of 74 mph or greater. Two storms intensified into
significant hurricanes – Fiona and Ian
with winds of more than 111 mph. Hurricane Ian took a toll on communities,
infrastructure, and the economy, causing insured losses of up to $65 billion and economic damage of up to $100 billion.

While forecasts provide valuable insights, predicting hurricanes’ exact intensity and
landfall remains challenging.

 1.
Ready Your Exposure Data

• • Refresh your Data: Refresh your data! to maintain its relevance and accuracy as property values
    and other variables can change over time. Learn more about how you can
    leverage APIs to refresh your exposure and stay current with the latest vintage.

Uploading an SOV? Click here to know more 

• •  Diagnose Data
    Quality: The Exposure Stratification analysis
    type allows you to view the completeness of your data at a single glance. Click here to check out your
    data quality now.

• • Monitor Accumulations: Automatically detect hotspots through spider analysis.
    Learn more about launching a spider
    analysis or try it now. 

 2.
Prime the Pump

• • Run Historical Scenarios: Assess your exposure against Hurricane
    Ian with one click using Impact Summary report The report sources include NOAA, Hurricane Mapping, and Reask* (Reask
    footprints are specially available to all EigenPrism users for Hurricane Ian, including
    non-subscribers). In addition to Reask, you can leverage KatRisk* and
    ICEYE* as
    premium sources.

• • View Losses in Context of Claims: Update your data with claims losses –
    compare claims and event losses side-by-side to detect anomalies. Read here

• • Run Hazard Overlays: How does your exposure fare against worst case scenarios for
    tropical cyclone and storm surge? Run deterministic scenarios from a variety of sources like NOAA
    and Katrisk*. Click here to run a hazard
    overlay analysis now.

• • Set and Review Moratorium Criteria: Leverage granular intelligence to set
    and review underwriting moratoriums. This case
    study outlines how Vave was able to integrate real-time
    catastrophe event notifications and analytics into the technology and Vave’s automated underwriting
    process. This enabled it to automate the process of issuing underwriting moratoriums during a
    catastrophe in Vave and ensured that underwriting resumed post-event – entirely without manual
    intervention.

* Marked data sources are available as premium subscriptions.
Please contact Prism
Support to know more. 

3. Set Alerts

• • Set and
    Review Alerts:
    Monitor your exposure for observed and forecasted events with a single click. Learn how to set
    alerts on your exposure here or set alerts directly from your home
    page.

• • Minimize
    Noise: Configuring alert thresholds and notification
    frequency to minimize noise – so you can focus on relevant, actionable metrics.

Hurricane Ian, a borderline Cat 5 event at Florida
landfall, caused the second-largest insured loss on record after Hurricane Katrina in 2005 (according to Swiss Re).
But it was far from an outlier. There have been 5 other Cat 4/5 events since 2017 impacting the US Gulf Coast! It is
therefore not unreasonable to expect another such event in 2023.

In this webinar with Reask and Vave, we look back at Ian, and explore what can be done in
the next few months to prepare for a similar event in 2023. We address the following questions:  

1. The climatology of Ian: What conditions led up to this event and its
   aftermath.
2. How Vave produced loss estimates within 24 hours after Ian made landfall, with high
   confidence.
3. Reask’s seasonal forecast for 2023.
4. What can you do in the next few months to prepare for this hurricane season?
    
5. What does the future of hurricane event response look like? 

Don’t have access to EigenPrism? 

Sign up for a trial account and access full impact reports of all events. Contact us and we’ll set
up a trial account for you.