Between September 2016 and August 2017, 25,588* terrorism and political violence attacks occurred around the globe. The sheer volume of attacks warrants insurers to think differently about how they assess and manage this evolving risk. SpatialKey is collaborating with IHS Markit, the global authority on political violence and terrorism, to integrate their political violence risk index data into our platform—giving insurers a single system to assess, manage, and select terrorism and political risk.
We caught up with Michael Simms, Executive Director, Country Risk at IHS Markit, to gather more insight on IHS Markit’s data and how insurers can build confidence in their terrorism, country risk, and political risk selection and pricing.
I was joined recently by more than 100 insurance industry professionals at Lloyd’s Library to hear the latest about global terrorism and explore some use cases to apply current information related to terrorism and political violence risk. Event attendees represented 50 different companies and demonstrated that terrorism is still very much a topic of interest to the industry. And while we are not in a position to eliminate the existential risk of terrorism, there are at least some things we can do to understand, avoid, and manage it from an insurance perspective.
We live in a world where terrorism is a constant and unpredictable threat. Recent attacks have hit too close to home for some of us, and may make all of us feel powerless over our personal lives and businesses. Likewise, as insurers and insurance stakeholders, recent attacks remind us that we have to be smart about what we do to protect our livelihoods. It’s a business, yes, but it’s also a valued service.