How different flood types impact flood risk

Guest author and SpatialKey data partner, JBA Risk Management, explains how flood data and mapping innovations can help insurers succeed in the U.S. private flood insurance market.  

In order for insurers to most effectively understand flood risk, they must have access to data that provides a full picture of the hazard, including the different flood types that might affect a property: fluvial, pluvial, and storm surge. Although it may seem that flood is just flood, it’s important to understand the different flood types due to the various impacts each flood type can have on a property, and thus different levels of damage.

The Friday Five: Week of September 9, 2019

If you care about what’s happening in the world of property and casualty (P&C), then this is the place to be. Each week, we serve up a bite-size roundup of the latest news, hot topics, and (admittedly subjective) tidbits to keep curious insurance professionals, like you, in-the-know.

Accounting for elevation & urbanization with high-resolution data

Guest author and SpatialKey data partner, JBA Risk Management, explains how flood data and mapping innovations can help insurers succeed in the U.S. private flood insurance market. 

More than 200 million people and two-thirds of the 48 contiguous states are at risk from flooding, according to Edward Clark, Director of the U.S. National Water Center. This demonstrates the major threat that flooding poses to the reinsurance industry in the U.S. In light of this hazard, the U.S. private insurance market is growing, with 2017 reporting $600 million in premiums, an increase of USD $217 million over 2016. But why isn’t this figure higher? And, why do approximately 85 percent of U.S. homeowners lack flood insurance policies?

The Friday Five: Week of September 2, 2019

If you care about what’s happening in the world of property and casualty (P&C), then this is the place to be. Each week, we serve up a bite-size roundup of the latest news, hot topics, and (admittedly subjective) tidbits to keep curious insurance professionals, like you, in-the-know.

Hurricane Dorian: The latest info for P&C insurers

The eye of Hurricane Dorian as captured by Garret Black, a hurricane hunter, who flew into the massive storm to gather weather data that’s used to prepare National Hurricane Center forecasts.

  • Hurricane Dorian is now a Category 1 hurricane with maximum sustained winds of 90 mph moving to the NE at 14 mph. 
  • As of early Friday, Hurricane Dorian had reached North Carolina's Outer Banks with hurricane-force winds.
  • Prior to reaching the U.S. coast, Dorian battered the Bahamas for nearly 2 days causing utter devastation to life and property on the islands of Abaco and Grand Bahama. 
  • Initial estimates are 13,000 structures destroyed in the Bahamas and billions in insured losses.

How technology has improved flood modeling

Guest author and SpatialKey data partner, JBA Risk Management, explains how flood data and mapping innovations can help insurers succeed in the U.S. private flood insurance market. 

Flood is a complex natural catastrophe, with great variations across small spatial areas, producing extremely localized effects. Sometimes, one property may be badly flooded while its neighbor two doors down is spared. As a result, managing this risk is often seen as a challenge by U.S. insurers. In fact, although 90 percent of all natural disasters in the U.S. involve flooding according to the Insurance Information Institute, it could still be regarded as the least understood natural peril. 

The Friday Five: Week of August 26, 2019

If you care about what’s happening in the world of property and casualty (P&C), then this is the place to be. Each week, we serve up a bite-size roundup of the latest news, hot topics, and (admittedly subjective) tidbits to keep curious insurance professionals, like you, in-the-know.

7 key questions event response automation should answer for you

I've worked in the insurance industry for more than 35 years, and I’ve never been more energized about the possibilities before us than right now. Working in both personal and commercial lines, including excess property, I’ve seen how technology has enabled the practices of exposure management, underwriting, and claims to evolve from manual processes and “pins on a map” to complex, computer-driven workflows that enhance an insurer’s ability to provide superior products and services to their customers.

The Friday Five: Week of August 19, 2019

If you care about what’s happening in the world of property and casualty (P&C), then this is the place to be. Each week, we serve up a bite-size roundup of the latest news, hot topics, and (admittedly subjective) tidbits to keep curious insurance professionals, like you, in-the-know.

How to make your event response workflow run like clockwork

When catastrophes strike, you have no time. You’re under pressure to quickly understand the financial impact of an event and provide estimates to management. At the same time, you (and your team) are constantly tracking the event, processing hazard data, making sure exposure data is accurate, pulling reports, and (hopefully) beginning outreach to insureds. The last item—proactive customer outreach—may suffer though when the other to-dos consume your time and resources.

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