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.
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.
SpatialKey Inc. (SpatialKey) is pleased to offer its insurance clients access to hazard data from HazardHub, a risk data provider. HazardHub specializes in developing proprietary models and processing past event data to help underwriters and exposure managers better understand the probability of future property damage, in order to write profitable business and maintain a strong portfolio.
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.
Photo credit: Mark Wilson via Getty Images.
Now that Hurricane Matthew is hovering about 35 miles off Florida’s east coast, it’s time for your claims team to begin estimating potential exposure and jump into action. The category 3 hurricane is expected to pack a punch this weekend with a powerful combination of storm surge flooding, rainfall flooding, and destructive winds impacting areas from northeast Florida to the southern part of North Carolina. Jacksonville, Savannah, and Charleston are expected to be hard hit. While it’s too early to say what will happen, the level of risk is clearly elevated and insurers are on high alert.
Easily track Hurricane Matthew’s storm path in SpatialKey.
As the most powerful Atlantic storm since 2007, Hurricane Matthew is the first Category 3 hurricane to make landfall in Haiti in 52 years. Forecasters are predicting Matthew will continue to head north towards Florida, Georgia, South Carolina, and North Carolina starting Thursday evening. Florida and South Carolina have already begun evacuations, as the states prepare for the possibility of significant wind and storm surge damage.
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.
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.