More than a third of risk professionals reported they increased their use of #risktech in the past year, aligning with a broader need for advanced analytics and accurate assessments. With growing frequency of natural catastrophes projected for 2021 and the continuing crises, staying ahead of the curve through improved risktech is critical.
Geospatial visualization and mapping opens up impactful data analytics. Projecting risks, proactively managing real-time events, and clearly communicating risk exposures are quintessential for all risk and insurance professionals navigating a data-first world.
Geospatial visualization is a gamechanger in climate resilience, providing both a holistic framework and conveyance device to make sense of distance, scale, and impact.
The new wave of Covid-variants heightens the importance of proactive risk management. Organizations that take a multi-layered view of risk with geospatial awareness on cascading effects will remain resilient when situations dramatically change.
Quote of the Week: “The availability of information on a map allows people to use and identify visual patterns, which helps decision-makers increase sales or monitor cost-effectively. The skill to manage large-scale data sets in the cloud, display data geographically, and provide the tools for analysis is the best way to add value to raw data.”
Commercial P&C insurance rates rose 7% in the first quarter of 2021, with CAT prone areas significantly more affected. As the number of predicted named storms increase every week, risk and insurance professionals should proactively adjust risk strategies as industry experts expect rate increases to continue for the rest of 2021.
Forecasts for the 2021 hurricane season are beginning to emerge, with the most recent WeatherBELL forecast anticipating a “very active season” with more named storms than previously expected. Rapidly changing expectations require risk and insurance professionals to consistently adjust risk strategies to stay ahead as new data presents itself.
Collaborative risk management is a supply chain superpower against disruptions; As the saying goes, you are only as strong as your weakest link. Resilience is built by bringing data together across your vendors, suppliers, and everything in between, yet many advanced analytics tools turn collaboration into a cumbersome process.
FEMA officially announced Risk Rating 2.0 last Thursday as a change to the National Flood Insurance Program’s risk rating methodology, affecting new policies beginning Oct. 1, 2021 and renewals after April 1, 2022. These changes present a dramatic shift in pricing for risk and insurance professionals to analyze, especially as FEMA’s flood map data evolves.
Hurricane season is several months away, yet AccuWeather projects an above-average hurricane season similar to a record-breaking 2020 season. Especially with Swiss Re’s recent projection of 250bn+ USD industry loss this year, risk and insurance professionals should proactively prepare now for peak peril events this summer.