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.
Photo credit: shutterstock.com
With hail, hurricane, and wildfire seasons in full swing, summer is always a busy time for claims adjusters. This past summer was no exception, with several major events happening across the globe.
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.
Winter Storm Juno arrived in the Northeast U.S. on January 27th. With significant flooding and increasing concern of potential roof collapse, insurers want to be adequately prepared to respond to this historic, mid-season snowfall. Areas like Worcester, MA, which saw historical snow accumulations of 35 inches, will be top of mind for insurers as forecasters suggest that this is likely the first of many storms to hit the region in the coming weeks.
With SpatialKey, insurers can quickly assess their potential exposure to the recent snowstorm in the Buffalo, NY area on November 21st. With increasing concern of potential roof collapse and flooding due to rising temperatures in the coming days, insurers want to be adequately prepared to respond to this unprecedented snowfall.
SpatialKey customers were able to quickly calculate potential exposure resulting from the 6.0 earthquake that struck near Napa, CA on August 24. The SpatialKey Earthquake App enabled ready access to earthquake shake maps published by the USGS within one hour of the quake, allowing our customers to respond quickly and confidently.
To help businesses respond to the devastating tornadoes experienced across Illinois on November 17th, Willis Re has made preliminary footprints of the tornadoes available to SpatialKey clients free of charge and without restriction. Other experts, like Weather Decision Technologies (see Moore, OK article), are also analyzing the scope and impact of this event, and their data can be provided upon request.
While calls haven’t been rolling in from Hollywood talent scouts [yet], the SpatialKey executive team is thrilled to have finally made their film debut! If you want to learn more about SpatialKey, the business application of its products, and its culture of innovation, take a look at our new product videos! You will gain more insight into the SpatialKey Insurance Intelligence and Market Intelligence solutions, as well as a general overview of the SpatialKey Platform.