Colorado’s costliest hailstorm (and natural catastrophe) one year later

by Jon Sonnenschein on May 8, 2018

 

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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.

Get proactive about your hail risk mitigation

From risk selection to event response and claims management, SpatialKey integrates with expert data providers like WeatherGuidance, NOAA, and CoreLogic for the very latest hail data and footprints. Everything you need to know is available within SpatialKey to quickly assess the impact of hail on your portfolio. 

Claims and exposure managers can use the latest expert hail data, along with their own claims data, to help quickly assess the impact of a hailstorm and potential losses based on insured values or limits:

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Hail contours provided by CoreLogic Weather Verification Services 

Filter by hail size to quickly and easily pinpoint extremes and proactively notify policyholders with probable hail damage:

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Hail contours provided by CoreLogic Weather Verification Services

Combine all of this information in one view with robust, purpose-built analytics to bring your full analysis to life, share information, and make truly data-driven business decisions:

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Hail contours provided by CoreLogic Weather Verification Services 

Respond to and settle hail claims faster with the latest hail data:

  • Advanced outreach to policyholders helps them take action to reduce hail claims, such as securing automobiles, windows, and other property.
  • Knowing where claims are most likely to occur, and exactly where hail reached damaging levels, allows you to allocate resources to handle larger claims volumes.
  • Improving the speed of claims processing and settlement greatly increases customer satisfaction and loyalty.

Gain confidence in your hail underwriting solution:

When the storm has passed and it’s time to view your accumulations and select new risk, expert data from HazardHub, WeatherGuidance, and Swiss Re CatNet® helps pinpoint the risk of hail and proactively manage your portfolio risk at the point of underwriting:

  • Easily and immediately evaluate risk within the context of your portfolio and claims history.
  • Understand accumulations and whether risks exceed underwriting guidelines and allocated capacity.
  • Collaborate across departments and ensure shared understanding of data through a single source and platform.

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HazardHub data showing high hail risk in Dallas/Fort Worth area

Interested in learning more about hail risk mitigation?

Losses from hail, severe storms, tornadoes, and straight-line winds are steadily increasing. According to Karen Clark & Company, annual insured losses from severe convective storms (SCS) are expected to approach $25 billion—that’s higher than hurricane and earthquake combined. Now is the time to gain a complete understanding of your hail risk, and mitigate claims before they happen with proactive outreach to your insureds. Contact us today to learn more about our hail solution.

Topics: Hail Data, Hail Risk, Risk Mitigation, Underwriting Solution

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