Jen Smoldt

Jen Smoldt

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We ask 4 Cat modelers: How is climate change impacting flood models?

Recently, Swiss Re announced that that the firm believes that 2017’s series of catastrophes occurring in the second half of the year is not a one-in-100 year event, but more like a one-in-10 year event:

"Climate change is in fact warming not just the Earth but also the oceans and one of the reasons why the expectation of future hurricanes is so high is that last years' three hurricanes together—the $135 billion of losses—are a one-in-10-year event not a one in a 100-year event….We see the possibility for a repetition of these kinds of losses in the foreseeable future." -John Dacey, Chief Financial Officer, Swiss Re

Dacey is not the only high-profile insurance executive to comment on climate change. Evan Greenberg, Chairman and CEO of Chubb, recently asked, “Given there have been three one-in-100-year floods in 18 months, how can Harvey represent a 1 percent chance of occurring as the models suggested?”

Q&A with RedZone, wildfire hazard data provider

Factors like smoke and wind-driven embers were critical to the 2017 California wildfires, which resulted in $13 billion in insured losses, yet traditional incumbent models didn’t account for them. RedZone does. Lead by actual fire-fighting professionals who understand the nuances behind this growing risk, RedZone is at the forefront of innovations is U.S. wildfire data science with its one-of-a-kind Fire Frequency Score. And someone needs to be, because it’s a fact that wildfire season is no longer “seasonal,” but year-round.

Q&A with KatRisk, global catastrophe modeler

KatRisk’s probabilistic multi-peril models are propelling this Cat modeler, largely known for their U.S. flood models, to the forefront of the flood modeling space. For more than four years, SpatialKey has worked with KatRisk to help underwriters and risk analysts gain a better understanding of flood risk. Our clients are finding that KatRisk’s overall score and flood depths by return period are helping underwriters understand both fluvial and pluvial flood risk like never before. In this interview, we talk with KatRisk co-founder, Dag Lohmann, who talks about the challenges of modeling U.S. flood risk, FEMA, and what’s next on the horizon for this innovative Cat modeler.

Q&A with JBA, global natural hazard risk modeler

JBA Risk Management (JBA) is known as an authority on global flood risk so it’s no surprise that they’re constantly refining their flood data and flood maps. Since 2012 SpatialKey has partnered with JBA to help insurers better understand, select, and price flood risk accurately and with confidence. Recently, we caught up with Jane Toothill, Director of JBA, who sheds light on how improvements in their flood mapping are helping underwriters better assess and select this volatile risk.

Read on to learn about how JBA is taking on U.S. flood mapping (at 5m resolution), upcoming updates to their France flood maps, and what underwriters need to know about how climate change is impacting flood risk.

How insurers can gain a Twister-like understanding of tornado risk this season

At a glance:

  • A slew of tornadoes hit the Northeast this season causing massive damage. While insured losses are still being tallied, the twisters spun off from a chain of severe convective storms (SCS) that brought with them straight-line wind, hail, heavy rain, and flooding from Florida to New York.
  • Annual insured losses from severe convective storms are expected to approach $25 billion—that’s higher than hurricane and earthquake combined, according to new research from Karen Clark & Company.
Read on to learn what insurers can do to better assess and protect themselves, and insureds, from tornado risk this season.

3 ways to speed the property underwriting quote process

An excerpt from our latest eBook: click here to download the full version.

Last year’s record insured losses, $144 billion globally according to Swiss Re, have proven to be a catalyst for reinvigorating P&C insurers’ focus on driving efficiencies in the commercial underwriting process—ideally for minimal cost and disruption.

One of the key issues emerging is a gap between the wealth of information that is now abundant and insurers’ ability to process all that information—there’s both a deficiency in speed to information and the ability to harness its value. This deluge of data, in particular natural hazard risk data, is hindering the performance of property underwriters. But it doesn’t have to.

Q&A with IHS Markit, global terrorism & political risk data provider 

 

Between September 2016 and August 2017, 25,588* terrorism and political violence attacks occurred around the globe. The sheer volume of attacks warrants insurers to think differently about how they assess and manage this evolving risk. SpatialKey is collaborating with IHS Markit, the global authority on political violence and terrorism, to integrate their political violence risk index data into our platform—giving insurers a single system to assess, manage, and select terrorism and political risk.

We caught up with Michael Simms, Executive Director, Country Risk at IHS Markit, to gather more insight on IHS Markit’s data and how insurers can build confidence in their terrorism, country risk, and political risk selection and pricing.

Q&A with Swiss Re, global reinsurer & multi-peril hazard data provider 

 

Recently, SpatialKey partnered with leading global reinsurer, Swiss Re, to offer insurers access to multi-peril hazard data through SpatialKey’s proprietary underwriting solution. This collaboration integrates Swiss Re’s CatNet® hazard data directly into SpatialKey, providing insurers with access to more than 10 hazards worldwide.

In this interview, we catch up with Peter Hausmann, Head of Nat Cat and Engineering Solutions at Swiss Re, where we talk about Cat models, climate change, how insurers can help close the protection gap, and more. This is a must-read interview for insurers underwriting natural catastrophe risks globally.

Women's History Month: Why it matters to InsurTech

SpatialKey's women discuss how their work is making a difference for insurers, and what it's like to be a woman in tech...

Women are strong in insurance, making up a large percentage of the workforce (from 45-85 percent depending on the profession). Yet despite this strength, women like Inga Beale and Karen Clark comprise only 8 percent of named executive officer positions and 17 percent of board seats. What about women in the tech industry? As an InsurTech company, we thought Women’s History Month would be a good time to take a closer look.

Q&A with HazardHub, leading hazard data provider for property underwriting 

HazardHub may be a newer name on the data scene, but with 24+ hazard datasets and risk information in shapefiles and APIs, these experienced data scientists are pros at modeling volatile perils like flood, storm surge, wildfire, earthquake, and more. Recently, SpatialKey caught up with John Siegman, founding partner at HazardHub, to talk through the power of hazard data for insurers. Here’s what he had to say about how their data is helping insurers better select and manage risk:

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