The Friday Five: Week of October 28, 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.

Latest on California wildfires & resources for P&C insurers

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.

The Friday Five: Week of October 21, 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.

Q&A with Location, Inc., crime risk data provider  

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.  

The Friday Five: Week of October 14, 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 P&C insurers can use crime data for more accurate & informed risk assessment

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. 

The Friday Five: Week of October 7, 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.

Key challenges facing P&C insurers

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.

The Friday Five: Week of September 30, 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.

The dangers of making flood risk decisions in isolation

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. 

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