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MAPTYCS is excited to announce our new strategic partnership with Tensor Flight. Having best in class property condition data paired with our geospatial visualization and analytics tools, will be instrumental for risk assessment.
Meteorologists are predicting a challenging hurricane season ahead. The current El Niño pattern has brought unseasonably high temperatures to the Atlantic Ocean. When the La Niña pattern begins to form in the late summer and temperatures start to drop, conditions will be primed for storm formation.
Integrating new data into underwriting and risk management is critical. With advancements in sensors, aerial imagery, and data collection, assessing property risk and responding to loss scenarios is becoming easier with the right data partnerships. MAPTYCS is a powerful geospatial tool doing just that – combining external data and powerful analytics to help Risk managers and Underwriters alike.
According to this recent article in Insurance Journal, companies are trying to figure out how to include new climate models in their risk analysis and valuation. With severe weather events growing in volume and severity, leveraging the right data has become very important. MAPTYCS® is a powerful geospatial tool for risk managers to track how these weather events and looming climate risks could affect their portfolios.
Cyclone Gabrielle brought heavy winds and rain to New Zealand in February of 2023. According to PERILS, the final insurance loss estimate is NZ $2.174 billion. The cyclone, combined with the North Island Floods of 2023 that occurred just before, marks the largest weather related insurance loss in New Zealand’s history (NZ $4.404 Billion). MAPTYCS is a powerful geospatial tool that can help Risk Managers and Insurers to track weather events and assist in loss prevention.
AMRAE 2024 has been a productive and enjoyable conference for MAPTYCS®. We have been catching up with friends and partners from the insurance industry and risk management community. We have brainstormed with #clients and #prospects and our team is embarking on new and exciting projects. With climate change and the acceleration of natural disasters and the explosion of high quality location intelligence data, the time is now for risk professionals to adopt geospatial analytics technologies like MAPTYCS® to manage property risk exposures, assess climate risks and monitor severe weather events in real time.
While property rate increases may be slowing, CAT exposed property continues to drive premiums higher for insureds. #underwriters are not only looking at concentrations of assets in traditional CAT zones, such as the Atlantic coast and California in the US, but also globally. According to Marsh, “Property rates were influenced largely by CAT events, including earthquakes in Turkey, floods in Greece and Germany, and hailstorms in Italy.”
With an escalation in natural disaster events, property insurance costs have been increasing. As a result, there is a renewed interest in captive insurance programs, as companies look to optimize their insurance costs. MAPTYCS® we have built a powerful tool for Risk Managers and captive owners to manage property risk exposures, assess climate risks and monitor weather events in real time.
We are happy to announce that Noah Barrengos has joined our MAPTYCS® team as a Client Executive. Noah is a seasoned insurance professional and is based in San Francisco, CA. His mission will be to assist our clients in leveraging MAPTYCS as much as possible as part of their property risk assessment efforts, and to support our business growth initiatives in North America. Welcome on board Noah!
The World Economic Forum Global Risk Report 2024, ranks extreme weather events in 2nd place on the list of top risks facing the world by 2026. In recent years we already witnessed an acceleration of natural disasters flooding wildfires in a growing number of countries. With geospatial analytics technology, corporations and insurers can leverage location intelligence datasets in real-time to anticipate and adjust to climate risks and better protect people and activities.