WeatherGuidance is quickly earning a reputation as a leading provider of weather data in the US. Through its collaboration with SpatialKey, the company provides insurers with access to pre- and post-event multi-peril risk reports as well as the ability to analyze, visualize, and map the exact size and path of severe storms including tornado, wind, and hail events. Their offering is fast becoming a popular one among SpatialKey clients who use WeatherGuidance data for forecasting, notifications, and post-event footprints.
2019 is the wettest winter on U.S. record thanks to extreme snowfall and January’s series of storms (the Polar Vortex) costing an estimated $1 billion.
For the Midwest and Northeast, in particular, record low temperatures kept snowpack intact and now spring brings the increased danger of flooding.
More than 200 million people and two-thirds of the 48 contiguous states are at risk and 13 million face major flood risk this spring.
Approximately 25 percent of flood insurance claims in the U.S. are outside of FEMA high-risk flood areas.
To understand actual flood risk and close the flood protection gap, it’s critical for insurers to incorporate flood data beyond FEMA.
As the market continues to become increasingly challenging, having an underwriting and portfolio management platform that includes financial modeling is critical to:
Staying competitive when underwriting new business
Understanding and managing concentrations in order to reduce losses and determine growth strategies
Confidently communicating potential catastrophe losses to management teams
When evaluating analytic solutions, a platform's financial engine should take into consideration terms and conditions that accurately reflect your policy structures, and be fully integrated throughout your organization from underwriting to portfolio management and event response. This way, you’re prepared with the most accurate information for anyone throughout your organization during a time-sensitive event.
Progress is happening on the gender advancement and equality front with women now holding 11% of named officer positions in the insurance industry, up from 8% in 2015
With the industry facing a talent shortage, role models will be essential to attracting young women (millennials in particular) to insurance professions, especially STEM roles with the rise of InsurTech
To that end, the tenured women of insurance need to be mentoring and sharing their stories, challenges, and successes with the young women of tomorrow
Many of the data partners we work with here at SpatialKey are at the forefront of data science, and actively working to innovate modeling approaches to better understand the impact of climate change on flood risk. As carriers, brokers, and MGAs well know, models and their outputs are nuanced, and data providers have different views on climate change and modeling flood risk. That’s why it’s important to have multiple views of risk at your disposal, so you can identify the right models and model components that best represent your lines of business, geography, and business practices.
In the past week, we’ve seen some encouraging private flood market activity—that individually may seem small, but as a trend supports our recent post about why 2019 is going to be a big year for private flood insurance. Here are a few small victories from this week that, if you're an insurer, MGA, or broker looking to expand your U.S. private flood market presence, you may want to take note of…
Remember when Bill Murray woke up to a screeching alarm only to face the same day over and over again in the movie Groundhog Day? Are you stuck in that same cycle when it comes to underwriting—approaching it the same way as you’ve always been? It’s likely that your practices are “good enough,” so why make a change? Here’s why: Eventually, the lack of moving forward—into a new day—will hinder performance. You will lose a competitive edge by being stuck in the same mode and missing out on key data and analytics advancements to move your business forward.
I’ve worked in the insurance industry for nearly 20 years, and I’ve (mostly) been pleased with how the industry collaborates, working together to solve problems and serve the global economy. As former Willis Re CEO, John Cavanagh, said in an interview with Insurance Thought Leadership, “Nothing flies, floats or gets built without insurance….Insurance plays a significant role in society and we need to protect that.” Indeed, the insurance industry is a small world that plays a big role in protecting society at large.
At a glance: