Hurricane Maria devastation, courtesy of the Wall Street Journal
Hurricane Maria barreled into Puerto Rico on Wednesday as a Category 4 hurricane and was the most powerful storm the island has seen in nearly a century. Earlier in the week, Maria hit the Caribbean island of Dominica as a Category 5 hurricane. Maria is the fourth major hurricane (Category 3 or more) this season and on track with NOAA’s predictions. While four major hurricanes should not come as a surprise, what has been surprising is how close together they have occurred. Maria comes on the heels of Harvey, Irma, and Jose, making it imperative that insurers work to stay ahead of these events and be prepared in a time of extreme weather uncertainty.
SpatialKey is pleased to offer its insurance clients access to market-leading political violence data from IHS Markit. IHS Markit provides comprehensive location-specific risk scores and in-depth intelligence, which is immediately available to underwriters and exposure managers within SpatialKey’s geospatial insurance analyticsplatform.
We live in a world where terrorism is a constant and unpredictable threat. Recent attacks have hit too close to home for some of us, and may make all of us feel powerless over our personal lives and businesses. Likewise, as insurers and insurance stakeholders, recent attacks remind us that we have to be smart about what we do to protect our livelihoods. It’s a business, yes, but it’s also a valued service.
Just weeks after Hurricane Harvey devastated much of Texas and Louisiana, causing record-breaking floods and rampant destruction, we’re already preparing for Hurricane Irma. The storm is projected to make landfall in Florida this weekend as at least a Category 4 hurricane. Based on wind speed, Irma is among the strongest Atlantic hurricanes on record. And, with severe damages in the Caribbean already, Irma will be one to watch very closely. In a time of chaos and uncertainty, we must all work together—insurance carriers, commercial providers, government, and scientists alike—to share as much information as we can to protect policyholders and portfolios. With this in mind, we’ve created a list of SpatialKey-specific resources as well as our top external resources:
Severe flooding in Texas caused by Hurricane Harvey (businessinsider.com)
Since progressing to Category 4 strength over the weekend, Hurricane Harvey has regressed back into a tropical storm. As predicted, rainfall and flooding have taken over as the main threats from Harvey, making this storm far from finished.
Track of Hurricane Harvey and sample portfolio exposure
When Hurricane Harvey makes its eventual landfall late Friday evening into Saturday morning, it’s expected to be the first Category 3 hurricane to hit Texas since Hurricane Bret in 1999. The storm grew quickly, with 30 mph winds developing into 80+ mph winds in just a few days.
IronMan is RedZone’s favorite superhero. And, it’s no wonder because he is, of course, the most data-informed superhero.
If you don't know RedZone, now's the time to become acquainted and here's why: In the U.S. to date (January 1-August 16), 42,010 wildfires have been reported and 6,299,005 acres have burned. Compare this to 3,616,320 for the same period last year. That’s almost double. With staggering numbers like these, insurers need to take a lesson from IronMan and do everything possible to be more data informed.
Fact is, wildfire season is starting earlier, lasting longer, and increasing potential losses. SpatialKey data partner, RedZone, has the wildfire data and accumulation models insurers need to extinguish this ever-increasing threat. Get to know RedZone with this quick 2-minute infographic, and then watch our webinar to learn how the wildfire landscape is changing, and how to leverage wildfire data science to gain new insight.
“We got cows!” This memorable line from the movie Twister came when a cow was hurled by a tornado in front of a truck driven by two storm chasers. A tornado can pick up just about anything, and while flying cows may not be on most insurers’ minds, they do need to worry about the impact 200+ mph winds could have on their books of business.
InsurTech, or digital information, isn’t just about Internet of Things (IoT), blockchain, wearables or telematics. A key digital transformation initiative, and competitive differentiator in the digital age, will be advanced data and analytics. And, innovation in data analytics is a big chunk of the $185 billion global insurance technology spend in 2017. If you’re struggling with legacy systems, lack of visual analytics, data inaccuracy and disparity (among many other analytic challenges), it’s time to make advanced data and analytics a transformation priority.
This 2-minute infographic shows how and why to bridge the technology gap with InsurTech for better data and analytics:
Over a year ago, Stephen O’Hearn, global insurance leader at PwC, predicted, “InsurTech will be a game changer for those who choose to embrace it.” Since then, the InsurTech playing field has matured. Many insurers who have operated in the “good enough” zone are finding that it is no longer—well, good enough. The game has changed. Whether you’re in underwriting, claims, exposure management—or you’re a CIO—InsurTech impacts you. There is no option to stay on the bench. So, what’s your game plan?