Satellite image of Tropical Storm Cindy, courtesy of hattyphoto
With an above-average 11 to 17 named storms predicted this hurricane season, members of the P&C insurance industry need to be fully equipped to weather the storms. We know it only takes one bad storm to impact a nation’s economy for months, even years. Hurricane Matthew (2016) was the first hurricane to reach Category 5 since 2007, causing $10 billion worth of damage in the U.S. and displacing thousands. Not only that, it was the 13th billion-dollar weather disaster in the U.S. last year.
SpatialKey data partner, HazardHub, is fast becoming a premier authority in the hazard data space with 24+ hazard datasets. If you don’t know HazardHub, now is the time to get acquainted with their hazard data offering (available within SpatialKey) as well as innovative datasets coming soon. Check out this quick 2-minute infographic.
With the NFIP $24.1 billion in debt, the floodgates are opening to an epic, never-before-seen private flood insurance market. Now more than ever, underwriting and risk selection are not only paramount, but clear areas for competitive advantage as the market heats up.
Hail is scary and it hits home for many of us. SpatialKey’s home state of Colorado is no exception to hail risk. Our downtown Denver headquarters reside in a heavy hail risk zone—and so do the homes of many SpatialKey team members.
HazardHub data shows hail risk at SpatialKey headquarters in downtown Denver
SpatialKey was recently ranked on Entrepreneur's Top Company Cultures 2017 list, a comprehensive ranking of U.S.-based businesses exhibiting high-performance cultures created in partnership with culture management software and service provider CultureIQ®. SpatialKey secured 15th place in the Small Company category of Entrepreneur’s Top Company Cultures list. SpatialKey is recognized for creating an exceptional culture that drives employee engagement, exceeds employee expectations, and directly impacts company success.
SpatialKey Inc. (SpatialKey) is pleased to announce Bret Stone has recently been named President of SpatialKey. Mr. Stone previously held the position of COO at SpatialKey. An industry expert in catastrophe risk management and insurance operations, he is a long-time veteran of the insurance industry holding analytic and product management roles at RMS, Willis Re, and Allstate prior to joining SpatialKey in 2012.
So, what does Groundhog Day have to do with underwriting?
On February 2nd, Punxsutawney Phil saw his shadow. And, you're probably thinking, "So what does this have to do with my underwriting?" Just bear with the logic for a moment….Do you know how often Phil’s forecasts have been right? If he were right say even 70-80 percent of the time, would you see animal predictions as rooted in science? A sound piece of data perhaps?
SpatialKey Inc is pleased to offer its insurance clients access to wildfire risk data from RedZone. RedZone provides the most accurate, up-to-date wildfire intelligence for underwriters, now immediately available in SpatialKey’s geospatial insurance analytics platform.
Update: After our original publication of this post on Tuesday November 21, 2016 the earthquake was changed from a 6.9 magnitude rating to 7.4, and that change is reflected in our headline and post copy.
2016 has been a year of growth and evolution here at SpatialKey from enhancing our solution for underwriters, actively monitoring catastrophic events that impacted insurers, and bringing on more 3rd-party data partnerships to fuel our solutions. With 2017 on the horizon, now is the time to reflect on the events of 2016 and understand how they can inform your strategy for 2017.