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.
Alpe d’Huez is a legendary climb, world-renown by cyclists. A relentless 8.5 miles with 21 hairpin bends and 8.1 percent gradient, it’s been a stage that can make or break the Tour de France for riders. But, it’s not included in every Tour. This epic climb only comes once in awhile. And, what’s important about it is the decisiveness of Alpe d’Huez in determining the overall leaders. Historically, the winner of the entire Tour has often been in the yellow leader jersey following the Alpe d'Huez stage. Meaning, how riders compete on this one stage is critical in determining the outcome of the entire race.
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.
With the rise of InsurTech, the new world of insurance is indeed a playing field—players jockeying for positions, making plays, aligning their teams, and acquiring new ones. Then, there are those who aren’t really sure what position they’re supposed to be playing. For these reasons and more, the sports world is relevant to the present state of InsurTech—it requires a game plan and guts. You can either stay on the bench and watch it unfold, or get in the game and start making plays.
When I first discovered how well the insurance industry collaborates, I was blown away. As an outsider, learning how agents, brokers, carriers, and reinsurers all work together to identify, write, and share risk was both overwhelming and fascinating. I was impressed at how multiple insurers participate in sharing a single risk and how each does so leveraging its unique strategy and specialty. An industry that initially seemed boring to me became artful and fascinating, even noble. I continually reflect on how this level of collaboration and risk sharing makes tremendously ambitious projects—from skyscrapers to city centers—possible. And yet, surprisingly, this industry that is so fundamentally built upon collaboration seems to lag far behind its peers when it comes to technology innovation and collaboration.
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.
At a glance:
Exactly one year ago today, as people were flooding out of their downtown Denver offices and beginning their commutes home, the costliest natural catastrophe in Colorado’s state history began wreaking havoc on the Denver metro area. And, it couldn’t have come at a worse time as hundreds of thousands of people hit the highway only to be pummeled by golf ball and baseball-sized hailstones.
The event resulted in insured losses exceeding $2.2 billion according to NOAA, backing up claims professionals and auto body shops while causing massive business interruption costs.
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.
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.