If you don’t know Ambiental, now’s a good time to get familiar with this global flood data provider that specializes in analyzing flood risk and modeling flood hazard. They’ve got a strong track record of increasing the precision of pricing and loss estimation for insurers and reinsurers. Now that their data has been integrated into SpatialKey, we thought it’s a good time to catch up with Evan Shallcross, Technical Manager at Ambiental, who had this to say about underwriting flood risk, progressive flood models, flood maps, and more.
At a glance:
There’s been a lot of talk in recent years about technology, innovation, and the “underwriter of the future.” Well, the underwriter of the future is here, right now in 2018. The technology to streamline and automate property underwriting exists now. And, the hazard data and advanced analytics to select and assess risk with a new level of confidence and precision exist as well. If you’re like me, however, you may sometimes put off trying something new (and better) in favor of the status quo. So, what gives?
SpatialKey is pleased to offer its insurance clients access to market-leading weather data from WeatherGuidance. WeatherGuidance utilizes comprehensive weather radar technology to create multi-peril risk reports. Property and casualty (P&C) insurers now have immediate access to pre- and post-event reports from WeatherGuidance within SpatialKey’s geospatial insurance intelligence platform.
There’s a scene in the movie “This is 40” where Leslie Mann turns to her husband, played by Paul Rudd, and says, “You should care more.” Frustrated by her husband’s ambivalence, Leslie makes a simple, yet fundamental statement. Like many of us, her husband doesn’t appreciate being told what to do. And therein lies the problem (not the husband, ha)—but rather that caring shouldn’t be forced, it should be inspired. Fact is, if we don’t care, we don’t grow. But, when caring is abundantly demonstrated, it becomes infectious.
At a glance:
Hurricane track above Earth; photo courtesy of The Atlantic
Feeling a bit apocalyptic out there? Four back-to-back Category 4 hurricanes (Harvey, Irma, Jose, and Maria), coupled with wildfires and earthquakes, have left many North Americans, in particular, wondering is this the new norm? Or, is this what we should have expected from the 2017 hurricane season? (Read on and tweet us @spatialkey to cast your vote).
Aileen (also known as Sebastian) was the first named storm of the European windstorm season, bringing a healthy dose of what could be to come. Still, uncertainty pervades the 2017-18 season. Will it be benign, like past seasons, or will we see a higher frequency and severity of storms?
I was joined recently by more than 100 insurance industry professionals at Lloyd’s Library to hear the latest about global terrorism and explore some use cases to apply current information related to terrorism and political violence risk. Event attendees represented 50 different companies and demonstrated that terrorism is still very much a topic of interest to the industry. And while we are not in a position to eliminate the existential risk of terrorism, there are at least some things we can do to understand, avoid, and manage it from an insurance perspective.
Recent wildfires in Northern California, specifically in Napa and Sonoma counties, have sparked widespread devastation across the area to lives, homes, and businesses. Despite the fires still being active, and the numbers still being calculated, this event is already “the deadliest and most destructive series of wildfires in California history,” and among the worst in U.S. history. And with damages estimated between $3 billion and $6 billion (which could still rise), insurers may face another massive payout due to natural catastrophes in 2017. These devastating events are proof that data is the only line of defense for insurers. And, it’s more paramount than ever to gain a better understanding of how you can use data to better mitigate and underwrite wildfire risk going forward. Watch our webinar with RedZone to learn how to do just that.