If you don’t know Ambiental, now’s a good time to get familiar with this global flood data provider that specializes in analyzing flood risk and modeling flood hazard. They’ve got a strong track record of increasing the precision of pricing and loss estimation for insurers and reinsurers. Now that their data has been integrated into SpatialKey, we thought it’s a good time to catch up with Evan Shallcross, Technical Manager at Ambiental, who had this to say about underwriting flood risk, progressive flood models, flood maps, and more. 

• NFIP lapsed over the weekend as a part of the government shutdown, bill was signed to fund the government through February 8th, which includes an extension for the NFIP
• NFIP signed a new reinsurance deal with private reinsurers
• Having the right flood data will be the key to successfully insuring flood risk

There’s been a lot of talk in recent years about technology, innovation, and the “underwriter of the future.” Well, the underwriter of the future is here, right now in 2018. The technology to streamline and automate property underwriting exists now. And, the hazard data and advanced analytics to select and assess risk with a new level of confidence and precision exist as well. If you’re like me, however, you may sometimes put off trying something new (and better) in favor of the status quo. So, what gives?

SpatialKey is pleased to offer its insurance clients access to market-leading weather data from WeatherGuidance. WeatherGuidance utilizes comprehensive weather radar technology to create multi-peril risk reports. Property and casualty (P&C) insurers now have immediate access to pre- and post-event reports from WeatherGuidance within SpatialKey’s geospatial insurance intelligence platform.

• NFIP was set to expire December 8, but lawmakers have extended the NFIP (again) until December 22
• Flood gates likely to open for private insurance carriers
• Insurers can maximize risk selections by using advanced flood data and analytics to create competitive advantage

Feeling a bit apocalyptic out there? Four back-to-back Category 4 hurricanes (Harvey, Irma, Jose, and Maria), coupled with wildfires and earthquakes, have left many North Americans, in particular, wondering is this the new norm? Or, is this what we should have expected from the 2017 hurricane season? (Read on and tweet us @spatialkey to cast your vote).

Recent wildfires in Northern California, specifically in Napa and Sonoma counties, have sparked widespread devastation across the area to lives, homes, and businesses. Despite the fires still being active, and the numbers still being calculated, this event is already “the deadliest and most destructive series of wildfires in California history,” and among the worst in U.S. history. And with damages estimated between $3 billion and $6 billion (which could still rise), insurers may face another massive payout due to natural catastrophes in 2017. These devastating events are proof that data is the only line of defense for insurers. And, it’s more paramount than ever to gain a better understanding of how you can use data to better mitigate and underwrite wildfire risk going forward. Watch our webinar with RedZone to learn how to do just that.