SpatialKey Inc. (SpatialKey), the leader in geospatial insurance analytics, has partnered with leading global reinsurer, Swiss Re, to offer insurers access to multi-peril hazard data through SpatialKey’s proprietary underwriting solution. This collaboration integrates Swiss Re’s CatNet® hazard data directly into SpatialKey, providing insurers with access to 10 hazards worldwide for greater accuracy in risk selection, assessment, and management.
“We’re pleased to make our CatNet hazard data accessible to SpatialKey’s and Swiss Re's insurance clients, many of which underwrite natural catastrophe risks globally, but lack critical intelligence to make informed decisions,” said Peter Hausmann, Head of Nat Cat and Engineering Solutions at Swiss Re. “Traditional CAT models may lack coverage for certain perils or regions, leaving substantial gaps. Our collaboration with SpatialKey, however, makes our CatNet data easily accessible through SpatialKey’s robust underwriting solution—bringing insurers added choice and confidence in their underwriting decisions. In light of last year’s heavy catastrophe-related losses, deeper intelligence is needed to underwrite these volatile risks.”
In 2017, according to Swiss Re, global insured losses due to natural catastrophes soared to an estimated $136 billion, up from $65 billion in 2016, and well-above the annual average of the previous 10 years. Losses were due in large part to hurricanes Harvey, Irma, and Maria as well as to the wildfires that struck the U.S. in the second half of 2017. The severity of these losses serves to demonstrate the need for trusted insight at the point of underwriting. Swiss Re’s CatNet models cover the spectrum of natural perils, including flood, earthquake, tsunami, wind, hail, tornado, wildfire, storm surge, and more.
“Our collaboration with Swiss Re has enabled us to deliver a global underwriting solution for our industry’s most significant catastrophe risks,” commented Bret Stone, President, SpatialKey. “Not only do insurers have hazard-based insights at their fingertips, they can better assess and contextualize that data while balancing available capacity, price, and risk all on one platform—something that is especially critical in the wake of recent record industry losses.” Mr. Stone added, “Swiss Re is already recognized as a trusted thought leader in bringing comprehensive hazard data to the insurance market. We’re excited to collaborate with them to deliver added value and deeper insight to our clients.”
About SpatialKey: We build technology that simplifies how insurers gain insights from information. We bundle everything insurers need—the best data, mapping, and analytics—in apps that help them streamline their decision-making. More than 100 insurers trust our innovative, off-the-shelf solutions for underwriting, exposure management, and claims to help them achieve healthier portfolios, operations, and profits. Learn more at https://www.spatialkey.com.
About Swiss Re: The Swiss Re Group is a leading wholesale provider of reinsurance, insurance and other insurance-based forms of risk transfer. Dealing direct and working through brokers, its global client base consists of insurance companies, mid-to-large-sized corporations and public sector clients. From standard products to tailor-made coverage across all lines of business, Swiss Re deploys its capital strength, expertise and innovation power to enable the risk-taking upon which enterprise and progress in society depend. Founded in Zurich, Switzerland, in 1863, Swiss Re serves clients through a network of around 80 offices globally and is rated "AA-" by Standard & Poor's, "Aa3" by Moody's and "A+" by A.M. Best. Registered shares in the Swiss Re Group holding company, Swiss Re Ltd, are listed in accordance with the International Reporting Standard on the SIX Swiss Exchange and trade under the symbol SREN. For more information about Swiss Re Group, please visit: www.swissre.com or follow us on Twitter @SwissRe.