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 five 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, about the challenges of modeling U.S. flood risk, FEMA, and what’s next for this innovative Cat modeler.

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.

At a glance:

• Coastal counties in the U.S. are home to over 126 million people, or 40 percent of the total U.S. population, with an estimated $36.4 trillion in exposure across 18 states. 
• Globally, 2.4 billion people live within 60 miles of the coast. And, about 10 percent of the world’s population live in coastal areas that are less than 10 meters above sea level. 
• If you’re writing or managing coastal risk, it’s imperative that you couple coastline data with coastal related risks. 

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.

"The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails." – William Arthur Ward, Writer

New digital technologies, increased competition, and changing customer demands are forcing 61 percent of insurance carriers and financial services firms to move away from traditional business models, according to a recent global study of C-suite insurance and financial services executives. While we don’t need a study to tell us that digital disruption is real, what’s boggling is what the other 39 percent of organizations are (or aren’t) doing about it.  

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.

Image: JOSH EDELSON/GETTY IMAGES

California is once again in crisis mode. The Kincade, Saddle Ridge, Tick, and Getty fires were spurred by high winds—some reportedly in excess of 100 mph (the equivalent of a Cat 2 hurricane)—causing California’s governor to declare a state of emergency. While the Getty Fire threatened high-value homes in Los Angeles, the Kincade Fire, in northern California, grew rapidly—burning 77,000 acres and forcing 200,000 people to evacuate. Likewise, proactive power outages have exacerbated fear and frustration and left millions of people in the dark across California, including some of our own here at SpatialKey.

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.

Looking for some innovative crime risk data? Look no further than Location, Inc. These curious problem-solvers are bringing insurers a more comprehensive view of crime risk through advancements in hyperlocal data. We had a chance to catch up with Dr. Andrew Schiller, CEO and Founder of Location, Inc., who sheds light on how their crime risk data is helping more than 150 carriers generate focused underwriting guidelines and combat fraudulent claims—with about a 10% reduction in crime loss ratio and adverse selection. Read on to learn how they’re bringing deeper insights to underwriting and claims.