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We are committed to building a high growth business alongside very supportive clients, who are also pursuing competitive edge and innovation. We have been in business since 2011; and we have strong brand recognition and equity, a profit-positive balance sheet, an exciting growth story, and a proven vision. We are headquartered in Denver, but are committed to providing an autonomous and virtual work environment with our entire team distributed across the globe. We are growing deliberately by carefully hiring the best and most dedicated people in the industry to join our team.
Rapidly turning into a category 5 storm overnight, Hurricane Patricia is nearing the coast of Mexico with wind speeds of up to 200mph. Hurricane Ike topped out at 143mph, and Andrew at 175mph, leaving Patricia as the strongest hurricane ever recorded. With landfall expected this afternoon or evening, properties are bound to be destroyed, and insurers are preparing themselves for the impact.
50,000 people are being evacuated, and the town of Manzanilla is right on Patricia’s path. According to reports from CNN, a 30-foot storm surge is expected in Manzanilla’s bay, which is likely to cause flooding and landslides. Puerto Vallarta and Acapulco are the closest resort towns, and some are predicting that Puerto Vallarta will see winds up to 75mph – many businesses there are preparing for the storm by boarding and taping up windows. Our thoughts are with everyone bracing for such a devastating storm.
Wind speed visualized
Patricia’s winds are record-setting, clocking in at 200mph and holding steady – enough to carry an airplane and keep it in flight, according to World Meteorological Organization spokeswoman Clare Nullis. We can see here that a number of properties are vulnerable to the potential destruction from the combination of wind and water that this hurricane is predicted to produce.
How this could impact your portfolio
With resort towns Puerto Vallarta and Acapulco threatened, insurers are likely to see some potential property claims after the storm clears. Understanding how much of your portfolio is exposed helps you figure out what to do next. With our direct integration with NOAA, insurers can immediately track the storm as updates are released. We’re here to help – contact us now.
London, October 20, 2015 – SpatialKey Inc. (SpatialKey) is providing ProSight Specialty Underwriters Ltd. (ProSight) with intuitive, geospatial analytics and visualization for its underwriting team and coverholders.
SpatialKey’s Underwriting solution provides analytics and visualizations tailored to the underwriting workflow, enabling ProSight and its coverholders to consistently and confidently underwrite across multiple commercial programs. Specifically, ProSight is accessing rich data analytics, coupled with high quality data from natural hazard experts, JBA Risk Management (JBA), to select and price risks, manage accumulations and calibrate underwriting strategy.
“Developing a complete understanding of risk when evaluating prospective insureds is an essential component of our underwriting practice as we proactively manage our portfolio at the point of sale. SpatialKey and JBA provide an integrated solution we can trust and help us gain competitive advantage, deliver underwriting profit and reduce downstream claims and reinsurance costs.” Rob Saxon, Underwriting Control Manager, ProSight
“We are delighted to have been adopted by ProSight and their coverholders as a best practice to enhance ProSight’s profitability and execute their underwriting strategy. We look forward to driving continued innovation through our products and partnerships as a result of the work we are doing with ProSight.“ Bret Stone, COO, SpatialKey
SpatialKey is reinventing the way insurers transform data into actionable intelligence. SpatialKey solutions amplify the value of insured data and expert content through unmatched user experiences and breakthrough geospatial business intelligence. Through focused analytics and agile visualizations, SpatialKey helps more than 100 insurers understand global risk accumulations and composition, respond to live catastrophe events, and manage exposure proactively at the point of underwriting. For more information visit spatialkey.com.
A couple of weeks have passed since the flooding along the French Riviera on October 3rd and 4th, and re/insurers are inundated with claims and working to quantify their exposure and lend assistance to insureds.
Exceptional rainfall (up to 18cm in Cannes) was experienced in just a few hours along France’s southeastern Mediterranean coast, resulting in considerable flash flooding. The French-Alpes Maritime region police said that 20 people are confirmed dead, the Association Francaise de l’Assurance expects more than 60,000 insurance claims, and Caisse Centrale de Reassurance (CCR) estimates insurance industry losses of up to €650M ($740M).
JBA Risk Management has issued a detailed (10 meter resolution) flood footprint for this region that captures the flood extent and associated depth and velocity information. According to JBA, “During surface water flood events, it is the combination of water depth and rapid water flow which causes the major threat to people and property.” JBA’s footprint is now available for analysis within SpatialKey.
Here, we see the various depths of water throughout the impacted regions, providing insight into which insureds could potentially have the most damage. Understanding where the water is and how deep it goes, helps you prioritize where to focus first.
As we further analyze, we gain a greater understanding of how major cities are specifically impacted, with visualized summaries simplifying the data for us.
Get in touch
We know it’s your top priority to mobilize your teams to help your insureds. In collaboration with JBA, we’re here to help you assess the impact of the French Riviera floods as quickly as possible, so you can focus on aiding your customers. Reach out today to learn more.