KatRisk’s inland flood depth footprint is just one of the many hurricane post-event footprints made available during recent hurricanes.
With hurricanes comes a deluge of data. First, you have to obtain it, then comes the job of making sense of all of it. Whether you use SpatialKey for your analysis, or another data enrichment and geospatial analytics solution, here are a few tips and definitions to help you make sense of event footprints.
While we would like to think last year’s hurricane season was an anomaly, recent NOAA research points to more frequent and severe hurricanes due to climate warming. This means re/insurers, MGAs, and brokers alike, will need to become more proficient at the job of operationalizing sophisticated hazard data. As a 2017 report from McKinsey & Company found, “...a large operational performance gap remains. These disasters will likely demonstrate significant value for those insurers that have made the investment in digital tools. Insurers that have not and were highly exposed to the hurricanes will find their operations severely challenged….”