For insurers who underwrite commercial properties, crime risk data can often be overlooked or under-prioritized in comparison with other hazard data. In the P&C industry, we’re often quick to note the insured or economic losses associated with catastrophes. But, did you know that crime costs billions each year? The FBI reported nearly 7.2 million property crimes in the U.S. in 2018 with an estimated $16.4 billion in property crime losses, not including arson.
In this 3-minute video, Tom Link, SpatialKey Founder and CEO, talks with Insurance Thought Leadership about how SpatialKey is helping P&C organizations make better decisions by enabling, enriching, and analyzing any and all data—via a single solution. He also explains why data is both a problem and an opportunity for insurers, especially with the influx of more sophisticated hazard and event data. Using hurricane season as an example, Mr. Link describes how insurers, brokers, and MGAs may struggle with accessing the right data, at the right time.
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.
Florida is the most high-risk state for storm surge, with an estimated 2.8 million single family homes at risk and a replacement value of $581 billion, according to the 2019 Private Flood Insurance Report. Yet, in Florida, there are only 1.7 million NFIP policies reported in force, suggesting a huge opportunity for private insurers.
