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Data takes driver's seat

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With limited capacity available to insure coastal property risks, buyers with the best story to tell are most likely to obtain coverage, according to a broker and a consultant.

"Underwriters are very, very fixated on information," said Alexandra S. Glickman, area vice chairman for Arthur J. Gallagher Risk Management Services in Glendale, Calif. "Now more than ever, insurance companies are really delineating between clients. They want to know not just what the asset looks like, but they are very interested in the operating strategy of the company."

"If you have a very good story to tell and you can back it up with third-party support, that's really what the underwriters want to know; do you really have a handle on your own exposures?" Ms. Glickman said.

"Make sure to do your homework from a cat model perspective and get a better picture of how likely you are to have that type of event," said Ed Koral, senior manager-actuarial and insurance solutions for Deloitte Consulting L.L.P. in New York. "There is a limited amount of capacity to offer up to insurance buyers, and underwriters will offer that up to the people who make the best presentation of their risks."