SpatialKey Points


Hail Hits Home for SpatialKey...Plus, how to proactively inform your hail risk and response


by Jen Smoldt

Hail is scary and it hits home for many of us. SpatialKey’s home state of Colorado is no exception to hail risk. Our downtown Denver headquarters reside in a heavy hail risk zone—and so do the homes of many SpatialKey team members.

HazardHub data shows hail risk at SpatialKey headquarters in downtown Denver


Hurricane Matthew by the numbers: What we know so far


by Heather Munro

 


Category 3 Hurricane Matthew barrels toward Southeastern US: How insurers can act now with confidence


by Heather Munro

 


Summer 2016 catastrophe wrap-up: Understand your exposure and prepare for future events


by Heather Munro

Devastating earthquake hits central Italy: Respond now and plan for tomorrow


by Heather Munro

Photo credit: www.independent.co.uk

 A magnitude-6.0 earthquake rocked central Italy early Wednesday morning, killing more than 260 people. Losses are expected to be below that of the 2009 L’Aquila event, which Willis Re estimated to have £502 million in insured losses. The quake could be felt as far away as Bologna to the north and Naples to the south, and devastated centuries-old towns where historic churches and monuments dot the landscape.

The picturesque village of Amatrice was particularly hard hit, with the mayor telling The Guardian that “half of the town no longer exists.” The town of L’Aquila, which lost 300 residents during the earthquake in 2009, has promised to take in the hundreds left homeless in Amatrice.

As your insureds in Italy focus on rescue efforts and begin the grim task of sifting through the rubble left behind, you can get a more complete view of your potential exposure—and market opportunities—throughout the region.

Understand and act quickly on the impact to your portfolio

Centered about 110 kilometers northeast of Rome and about 35 kilometers north of the deadly magnitude 6.3 earthquake that hit L’Aquila in 2009, the Istituto Nazionale di Geofisica e Vulcanologia (INGV) estimates a magnitude of 6.0 and depth of 4 kilometers. Shallow earthquakes like these generally cause more damage, as was the case here.

To help you understand the extent of this and prior events, SpatialKey includes shakemaps from the U.S. Geological Survey (USGS) global library of earthquake footprints, which show the impact in and around the epicenter. You can easily visualize which policyholders have been affected and begin mobilizing your claims team to respond as quickly as possible.

Willis Re is already providing insurance companies with an assessment of their potentially affected risks by providing event-response analytics with SpatialKey.

“We have been assisting insurers in visualizing the event and their insured risks that are likely to have been affected,” explains Tim Edwards, Head of Europe, Willis Re Catastrophe Analytics. “We have applied the latest USGS event footprint in SpatialKey to individual client portfolios. This enables the identification of potential policies impacted by the most severe shaking intensities, including net exposures after earthquake indemnity limits. This has allowed insurers to work with their claims teams, senior management, and reinsurers and respond in a timely fashion.”

The image below is an example of the types of value-added analytics Willis Re delivers to its clients to support their event response efforts.


Japan’s Latest Earthquakes Underscore Complexities for Insurers


by Sarah Stadler
Photo Credit: Koji Harada/Kyodo News via AP.

Texas Storm Signals Hail Season in Full Swing for Insurers


by Sarah Stadler
Image courtesy of aceroofingtexas.com

Hurricane Patricia Shaping up to be the Strongest Hurricane in History


by Sarah Stadler

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.


Analyzing the floods in France: how is your portfolio being impacted?


by Sarah Stadler

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.


Understand the depth of your exposure to South Carolina flooding


by Sarah Stadler

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.