Insurers are poised to competitively—and profitably—write flood, thanks to the Flood Insurance Market Parity and Modernization Act, now on its way to the Senate.
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.
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.
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.
Last week, we announced our partnership with KatRisk LLC to deliver an innovative U.S. flood solution. Re/insurers can now easily identify and monitor portfolio flood accumulations and optimize risk selection at the point of sale.
This solution is delivered in the new SpatialKey Flood Analyst app and further extends the value of the Flood Underwriting app.
In partnership with JBA Risk Management we're launching three new countries in our Flood Underwriting app today. JBA's global flood model is being rolled out for Thailand, Australia, and Canada. This adds to the prior list of supported countries, which include Great Britain, Northern Ireland, the Republic of Ireland and France.
SpatialKey has provided a new innovative flood underwriting solution to Aspen Insurance (“Aspen”), which improves flood risk selection and proactively manages portfolio accumulations at the point of underwriting.