“If you try to win, you might lose, but if you don't try to win,
you lose for sure!” -Jens Voigt
Alpe d’Huez is a legendary climb, world-renown by cyclists. A relentless 8.5 miles with 21 hairpin bends and 8.1 percent gradient, it’s been a stage that can make or break the Tour de France for riders. But, it’s not included in every Tour. This epic climb only comes once in awhile. And, what’s important about it, is the decisiveness of Alpe d’Huez as a stage in determining the overall leaders.
Satellite image of Tropical Storm Cindy, courtesy of hattyphoto
With an above-average 11 to 17 named storms predicted this hurricane season, members of the P&C insurance industry need to be fully equipped to weather the storms. We know it only takes one bad storm to impact a nation’s economy for months, even years. Hurricane Matthew (2016) was the first hurricane to reach Category 5 since 2007, causing $10 billion worth of damage in the U.S. and displacing thousands. Not only that, it was the 13th billion-dollar weather disaster in the U.S. last year.
With the NFIP $24.1 billion in debt, the floodgates are opening to an epic, never-before-seen private flood insurance market. Now more than ever, underwriting and risk selection are not only paramount, but clear areas for competitive advantage as the market heats up.
So, what does Groundhog Day have to do with underwriting?
On February 2nd, Punxsutawney Phil saw his shadow. And, you're probably thinking, "So what does this have to do with my underwriting?" Just bear with the logic for a moment….Do you know how often Phil’s forecasts have been right? If he were right say even 70-80 percent of the time, would you see animal predictions as rooted in science? A sound piece of data perhaps?
Rapidly turning into a category 5 storm overnight, Hurricane Patricia is nearing the coast of Mexico with wind speeds of up to 200mph. Hurricane Ike topped out at 143mph, and Andrew at 175mph, leaving Patricia as the strongest hurricane ever recorded. With landfall expected this afternoon or evening, properties are bound to be destroyed, and insurers are preparing themselves for the impact.
London, October 20, 2015 – SpatialKey Inc. (SpatialKey) is providing ProSight Specialty Underwriters Ltd. (ProSight) with intuitive, geospatial analytics and visualization for its underwriting team and coverholders.
A couple of weeks have passed since the flooding along the French Riviera on October 3rd and 4th, and re/insurers are inundated with claims and working to quantify their exposure and lend assistance to insureds.
The flooding in South Carolina was summed up best by Governor Nikki Haley when she called it, “a storm of historic proportions.” With the rains calming, residents and insurers are doing everything they can to determine next steps. Our insurance clients are turning to us to understand potential flooding experienced by their insureds.
With over 5,500 major hail storms in 2014, insurers need to quickly assess the impact of hail events and expedite assistance to customers that may have been affected. SpatialKey Hail is seamlessly integrated with Weather Verification Services from CoreLogic® to help you quickly assess the potential impact of recent or past hailstorms, understand damage severity based on hail size, and ultimately, expedite relief to your insureds. You now have access to industry-leading analytics and expert hail data in one place without the limitations of time-consuming processes and clunky legacy software.