When catastrophes strike, you have no time. You’re under pressure to quickly understand the financial impact of an event and provide estimates to management. At the same time, you (and your team) are constantly tracking the event, processing hazard data, making sure exposure data is accurate, pulling reports, and (hopefully) beginning outreach to insureds. The last item—proactive customer outreach—may suffer though when the other to-dos consume your time and resources.
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.
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.
At a glance:
In this 3-minute video, Tom Link, SpatialKey Founder and CEO, talks with Insurance Thought Leadership about how SpatialKey is helping P&C organizations make better decisions by enabling, enriching, and analyzing any and all data—via a single solution. He also explains why data is both a problem and an opportunity for insurers, especially with the influx of more sophisticated hazard and event data. Using the 2017 hurricane season as an example, Mr. Link describes how insurers, brokers, and MGAs may struggle with accessing the right data, at the right time.
When I first discovered how well the insurance industry collaborates, I was blown away. As an outsider, learning how agents, brokers, carriers, and reinsurers all work together to identify, write, and share risk was both overwhelming and fascinating. I was impressed at how multiple insurers participate in sharing a single risk and how each does so leveraging its unique strategy and specialty. An industry that initially seemed boring to me became artful and fascinating, even noble. I continually reflect on how this level of collaboration and risk sharing makes tremendously ambitious projects—from skyscrapers to city centers—possible. And yet, surprisingly, this industry that is so fundamentally built upon collaboration seems to lag far behind its peers when it comes to technology innovation and collaboration.
Recently, SpatialKey partnered with leading global reinsurer, Swiss Re, to offer insurers access to multi-peril hazard data through SpatialKey’s proprietary underwriting solution. This collaboration integrates Swiss Re’s CatNet® hazard data directly into SpatialKey, providing insurers with access to more than 10 hazards worldwide.
In this interview, we catch up with Peter Hausmann, Head of Nat Cat and Engineering Solutions at Swiss Re, where we talk about Cat models, climate change, how insurers can help close the protection gap, and more. This is a must-read interview for insurers underwriting natural catastrophe risks globally.
At industry events I generally come away invigorated by my conversations with clients and prospects. This year, however, the energy has been a bit different. That energy has had more urgency and emotion behind it. It’s clear the unprecedented events of 2017 took a toll on people, and there’s a compelling need to do something about it (especially with the 2018 hurricane season just around the corner).
HazardHub may be a newer name on the data scene, but with 24+ hazard datasets and risk information in shapefiles and APIs, these experienced data scientists are pros at modeling volatile perils like flood, storm surge, wildfire, earthquake, and more. Recently, SpatialKey caught up with John Siegman, founding partner at HazardHub, to talk through the power of hazard data for insurers. Here’s what he had to say about how their data is helping insurers better select and manage risk: