The Hartford Steam Boiler Inspection And Insurance Company, through its subsidiaries, provides equipment breakdown insurance, and other specialty insurance and reinsurance coverage to businesses, industries, and institutions worldwide. It offers specialty insurance, including equipment breakdown and computer systems insurance for agents, brokers, program administrators, and MGAs; and specialty reinsurance, such as equipment breakdown, homeowners equipment breakdown, farm owners equipment breakdown, cyber risk, data breach, identity recovery, computer systems, contractors errors and omissions, employment practices liability, and miscellaneous professional liability reinsurance for property ca...
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Verisk Climate and The Hartford Steam Boiler Inspection and Insurance Company Offers New Technology to Assess Risk from Electrical Blackouts
Oct 21 13
Verisk Climate and The Hartford Steam Boiler Inspection and Insurance Company (HSB) introduced new technology and consulting services that help insurers and businesses predict the likelihood, severity, and financial exposure of U.S. electrical blackouts, which cause more than $100 billion in economic damages each year. The Blackout Risk Model is offered through a consulting service provided by Verisk Climate and HSB. The technology can be used to assess the risk of electrical blackouts from hurricanes, winter storms, severe thunderstorms, peak power demands, human error, and other factors. The technology incorporates data and analysis from HSB and Atmospheric and Environmental Research including a database of possible weather conditions, satellite analysis of trees near distribution lines, proprietary knowledge of the electrical grid infrastructure, and detailed economic data. The Blackout Risk Model will help insurers, businesses, and government emergency planners identify high-risk areas so they can better manage their risk and plan for a more effective response when power is disrupted by natural or man-made events. The new modeling tool, which combines the technologies built independently over the past decade by HSB and AER, enables businesses to assess how electrical blackout risk varies by geographic region or grid area, the number of people and businesses likely to be without power in a particular blackout, and how long the outage might last for specific groups of customers.