In the present world, insurance companies want to know how much of their Total Insured Value (TIV) is exposed and how their TIV will be affected by weather related catastrophes, like earthquakes, hurricanes, tornados or wildfires or in response to manmade events typically relayed over newswire. Traditionally, they measure the exposure affected by any weather related event only after their insurers begin to file claims. In order to extrapolate individual claims to TIV usually takes a lot of analytical work to be done per individual weather event, and results are only available after few days. A system that provides an industry standard framework to automate weather related catastrophe exposure analysis quickly, or in real-time, is desired in the insurance industry.
Systems for rating geographic areas based on severity and frequency of meteorologic data are known for analyzing meteorological conditions. Such systems are known for combining meteorologic data with a rating chart to show the insurability of a structure located in a geographic area. These systems may use an information screen that identifies a cumulative rating factor for a geographic area such as a county. The cumulative rating factor may be used to rank geographic areas. Such systems have been used to show such ranking based on annual data. However, such a system is not capable of providing ranking of expected exposure within minutes or hours after a meteorologic event or based on real-time data.
Other systems are known that provide an automated system and method for processing real-time meteorological data. Warnings may be distributed based on real-time site specific weather information, such as the Safe-T-Net system or real-time local Doppler radar. These systems describe use of threat information that is combined to produce a composite threat field, which is queried and compared to one or more threshold values that are user definable. The composite threat field meeting and/or exceeding one or more of the threshold values can be automatically identified as an area of threat and can be immediately available for graphic display, for automated alert notification or other dissemination. Such systems are not used to interpolate insurance risk data. Thus, such known systems do not combine real-time meteorological data with insurance risk data to generate reports based on user configurable threshold values.