Hail Hits Home for SpatialKey...Plus, how to proactively inform your hail risk and response

by Jen Smoldt on April 26, 2017

Hail is scary and it hits home for many of us. SpatialKey’s home state of Colorado is no exception to hail risk. Our downtown Denver headquarters reside in a heavy hail risk zone—and so do the homes of many SpatialKey team members.

HazardHub data shows hail risk at SpatialKey headquarters in downtown Denver

HazardHub data shows hail risk at SpatialKey headquarters in downtown Denver

In 2009, an epic hailstorm hit the Denver Metro area costing over $767 million at the time. In fact, eight of Colorado’s top 10 most costly catastrophes are hail events. No wonder the state ranks second only to Texas in hail claims!

Colorado's most costly catastrophes

Some places are more prone to hail than others, Texas being one of them. In 2016, hailstorms in March and April alone caused more than $4 billion in damage in the Dallas/Fort Worth area and San Antonio. The costliest hailstorm in Texas’ history came on April 12, 2016, causing $1.4 billion in damage.

While Texas seems to get pummeled in March and April, May is the month with the most hail claims (165,087 claims on average), followed by April (149,040 claims on average), and then June (129,085 claims on average). Nationally, claims related to wind and hail damage accounted for nearly 40 percent of all insured losses over the past five years, averaging approximately $15 billion in insured hail losses annually. And, 10 states alone (see chart) accounted for 66 percent of all hail loss claims from 2013-2015, with Texas accounting for 19 percent of those hail claims.

Hail loss claims 2013-2015

Using SpatialKey to inform your hail risk and response

From risk selection to event response and claims management, SpatialKey integrates with expert data providers like Impact Forecasting, NOAA, and CoreLogic for the very latest hail data. Everything you need to know is available within SpatialKey, enabling you to instantly assess the impact of hail on your portfolio. Imagine the time you can save. And, the customer outreach and satisfaction you can provide by having the right data, right now.

Use expert data, along with your own, for dynamic filtering to help you quickly assess the impact of a hailstorm’s footprint and potential claims costs 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

All of this information at your fingertips, means you can respond and settle claims faster:

  • 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.

And, when the storm has passed and it’s time to view your accumulations and select new risk, expert data from HazardHub 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.
HazardHub data showing high hail risk in Dallas/Fort Worth area

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

Has hail hit too close to home for you too? Show us your pictures @SpatialKey on Twitter. For questions or to learn more about SpatialKey’s feature-rich hail app, contact us today.

Topics: Underwriting, risk assessment, Exposure Management, Hail, Event response, claims

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