How to use distance to coast data to inform your coastal risk

At a glance:

  • Coastal counties in the U.S. are home to over 126 million people, or 40 percent of the total U.S. population, with an estimated $36.4 trillion in exposure across 18 states. 
  • Globally, 2.4 billion people live within 60 miles of the coast. And, about 10 percent of the world’s population live in coastal areas that are less than 10 meters above sea level. 
  • If you’re writing or managing coastal risk, it’s imperative that you couple coastline data with coastal related risks. 

A maritime metaphor for P&C industry change

"The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails." – William Arthur Ward, Writer

New digital technologies, increased competition, and changing customer demands are forcing 61 percent of insurance carriers and financial services firms to move away from traditional business models, according to a recent global study of C-suite insurance and financial services executives. While we don’t need a study to tell us that digital disruption is real, what’s boggling is what the other 39 percent of organizations are (or aren’t) doing about it.  

The Friday Five: Week of September 16, 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 Friday Five: Week of September 9, 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 Friday Five: Week of September 2, 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.

Hurricane Dorian: The latest info for P&C insurers

The eye of Hurricane Dorian as captured by Garret Black, a hurricane hunter, who flew into the massive storm to gather weather data that’s used to prepare National Hurricane Center forecasts.

  • Hurricane Dorian is now a Category 1 hurricane with maximum sustained winds of 90 mph moving to the NE at 14 mph. 
  • As of early Friday, Hurricane Dorian had reached North Carolina's Outer Banks with hurricane-force winds.
  • Prior to reaching the U.S. coast, Dorian battered the Bahamas for nearly 2 days causing utter devastation to life and property on the islands of Abaco and Grand Bahama. 
  • Initial estimates are 13,000 structures destroyed in the Bahamas and billions in insured losses.

How to make your event response workflow run like clockwork

When catastrophes strike, you have no time. You’re under pressure to quickly understand the financial impact of an event and provide estimates to management. At the same time, you (and your team) are constantly tracking the event, processing hazard data, making sure exposure data is accurate, pulling reports, and (hopefully) beginning outreach to insureds. The last item—proactive customer outreach—may suffer though when the other to-dos consume your time and resources.

Why P&C insurers need a better way to operationalize hazard data

Our industry is facing two major problems related to hazard data:

  1. There are more hazard and event data providers producing higher resolution footprints for a larger number of catastrophic events than ever before.
  2. This new quantity and quality of data is difficult (and, in some cases, impossible) for insurers to process fast enough to deploy timely response to their insureds.

Holborn adopts SpatialKey for advanced event response capabilities

How disparate systems sabotage your event response

The ecosystem of hazard models and data is rapidly expanding, and this is exciting news for the P&C industry. But with all the hazard data that is being generated, especially during catastrophic events like hurricane and wildfire, comes the need for a more streamlined way to access it.

Data quality and modeling is continually improving—more accuracy, better science, higher resolution—which we have witnessed here at SpatialKey working with providers like KatRisk, JBA, RedZone, Swiss Re, Impact Forecasting, HazardHub, and a host of others for a number of years now.

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