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H\"usler-Reiss vectors and Brown-Resnick fields are popular models inmultivariate and spatial extreme-value theory, respectively, and are widelyused in applications. We provide analytical formulas for the correlationbetween powers of the components of the bivariate H\"usler-Reiss vector, extendthese to the case of the Brown-Resnick field, and thoroughly study theproperties of the resulting dependence measure. The use of correlation isjustified by spatial risk theory, while power transforms are insightful whentaking correlation as dependence measure, and are moreover very suited damagefunctions for weather events such as wind extremes or floods. This makes ourtheoretical results worthwhile for, e.g., actuarial applications. We finallyperform a case study involving insured losses from extreme wind speeds inGermany, and obtain valuable conclusions for the insurance industry.

Correlation of powers of H\"usler-Reiss vectors and Brown-Resnick fields, and application to insured wind losses