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.
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.
Pricing pressure and challenging market conditions are making growth more difficult for P&C insurers:
Globally, the combined insured losses for 2017 and 2018 resulting from natural catastrophes were the highest ever for a two-year period at $219 billion, with a large percentage of those losses in North America.