U.S. Winter Storm Model™
As the climate shifts and weather becomes more volatile, extreme winter storms are occurring more frequently across the United States. Between 2020 and 2023, the cumulative impact of these storms cost the U.S. insurance industry over $5 billion per year.
It is becoming more critical than ever for insurers and risk managers to account for the changing climate and its unique challenges.
By closely monitoring and preparing for winter storms, insurance carriers can better manage risk, maintain financial stability, and provide reliable service to their policyholders.
A Comprehensive View of Risk
The CoreLogic U.S. Winter Storm Model is a customized probabilistic model for analyzing winter storms affecting portfolio risks in the contiguous United States.
Using its innovative hazard methodology and comprehensive event set, CoreLogic helps clients manage uncertainty and expectations, giving the ability to assess, identify and analyze properties at risk to extreme winter weather events.
Key Benefits:
Considers multiple hazards:
- Snow accumulation/depth
- Ice thickness
- Wind speed
Comprehensive Event Set
- 17,000 stochastic events
- 6 Historical Events
Multiple Lines of Business
- Residential
- Commercial
- Industrial
- Agricultural
- Municipal
Secondary Structural Modifiers
Multiple Vulnerability Regions
Flexible Financial Model
Advanced Modeling Techniques
Drawing on data from the Global Historical Climatology Network (GHCN) daily station records spanning from 1871 through 2022, the model considers various critical parameters influencing winter storm losses, including snow accumulation/depth, ice thickness, and wind speed.
Snowfall is obtained directly from daily station data, while ice thickness and wind speed at the daily station needs to be estimated. To address this gap, the model employs its Detailed Wind-Field Model and Ice-Accretion Model to reflect actual winter storm behavior.
Recently Updated
The model, updated and released in 2024, incorporates data through 2022, capturing several severe winter weather events and recent Bomb Cyclone occurrences. This advancement in hazard science enhances calculations related to wind speeds and temperatures that affect ice and snow accumulation.
The update also encompasses six significant historical events, such as Winter Storm Uri (the 2021 Texas storm with widespread power outages) and the 1993 Storm of the Century.