Category 3 Hurricane Matthew barrels toward Southeastern US: How insurers can act now with confidence

Posted on October 5, 2016 by Heather Munro

 

Screen_Shot_2016-10-05_at_3.33.15_PM.pngEasily track Hurricane Matthew’s storm path in SpatialKey.

As the most powerful Atlantic storm since 2007, Hurricane Matthew is the first Category 3 hurricane to make landfall in Haiti in 52 years. Forecasters are predicting Matthew will continue to head north towards Florida, Georgia, South Carolina, and North Carolina starting Thursday evening. Florida and South Carolina have already begun evacuations, as the states prepare for the possibility of significant wind and storm surge damage.

As you know, meteorologists have some sense of what might happen, but weather patterns can change quickly. The hurricane could strengthen or weaken, head out to sea or reverse course and veer inland. Forecasters identify the most likely track of the storm as it evolves, but the uncertainty increases as they project further into the future. The cone of uncertainty, at it’s typically called, captures the fact that we may see changes in speed, size, severity, and direction.

As the storm unfolds, analyzing Hurricane Matthew’s storm track against your own portfolio data will help you quickly prepare for the event.

  1. Access Hurricane Matthew’s current storm path to outline your plan of action. Once you have the storm path, which is provided by NOAA and seamlessly integrated within SpatialKey, you can track the storm as it’s happening and efficiently manage your event response.
  2. Understand your exposure concentration to not only to determine the potential claims costs, but to effectively mobilize your claims team to respond to insureds. To quantify how much is likely to be exposed to hurricane-force winds, you can filter and segment that data based on characteristics, such as wind speed, construction type, or line of business.
  3. Evaluate the path of the storm and run what-if scenarios to understand the potential impact to your portfolio. As the storm shifts, accessing the latest data will help your team respond to senior management and support business operations as quickly as possible.

It’s important to understand that about one-third of the time, the most intense winds and storm surge impacts associated with the storm will veer outside of the cone of uncertainty, according to the National Hurricane Center. All the more reason to stay on alert—and track the storm— as Hurricane Matthew unfolds. Using  SpatialKey’s Hurricane Forecast app can help you turn the cone of uncertainty into decisive action. 

To find out more about accessing the latest Hurricane Matthew data and analyzing it against your own portfolio in SpatialKey, contact us today.

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