Are you prepared to look hurricane season in the eye?

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.

NFIP Privatization: New Opportunities Flooding the Insurance Industry

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.

How can 2016 risk inform your 2017 strategy?

2016 has been a year of growth and evolution here at SpatialKey from enhancing our solution for underwriters, actively monitoring catastrophic events that impacted insurers, and bringing on more 3rd-party data partnerships to fuel our solutions. With 2017 on the horizon, now is the time to reflect on the events of 2016 and understand how they can inform your strategy for 2017.

Hurricane Matthew by the numbers: What we know so far

 

Blue skies may be back, but the impact from Hurricane Matthew is still being felt. As your claims team works around the clock managing your event response, information on the extent of the damage is critical to your ability to respond as quickly as possible.

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

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.

Hazard data from Willis Re View of Risk now available to Willis Re clients via SpatialKey

Willis Re, the reinsurance division of Willis Towers Watson (NASDAQ: WLTW), the global advisory, broking and solutions company, today announces the availability of proprietary Willis Re hazard data to its clients via partnership with SpatialKey.

A final look at the impact of Hermine

Photo credit: nbcnews.com

With post-tropical storm Hermine no longer a threat, insurers are busy handling claims from wind, flood, and storm surge damages across the eastern seaboard.  An early estimate from catastrophe loss estimation firm Karen Clark & Company (KCC), predicts insured losses likely to approach $500 million, with total economic damages close to $1 billion. Three deaths were attributed to the storm.

Fizzled but not forgotten: Hermine may have weakened, but storm surge still a concern

Flooded with claims: Visualize how Louisiana event affects your portfolio

Photo credit: foxnews.com

Over the weekend, Louisiana experienced the worst flooding the state has seen since Hurricane Katrina in 2005. A slow-moving tropical depression brought more than 30 inches of rain to parts of Louisiana, forcing the federal government to declare a major disaster on Monday. So far, at least 13 people have died, 30,000 people have been rescued from their cars and homes, and 40,000 homes and businesses have lost power.

JBA’s Houston Flood Footprint Now Integrated with SpatialKey

Photo credit: inverse.com.

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