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:
As an underwriter, you’re already data driven. But, how data informed are you? To effectively compete, insurers—and underwriters in particular—will need new and innovative sources of external data, alongside advanced analytics, to inform underwriting strategy and put that strategy into practice at the point of sale.
SpatialKey Inc. (SpatialKey), the leader in geospatial insurance analytics, has 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 10 hazards worldwide for greater accuracy in risk selection, assessment, and management.