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SpatialKey Inc. will now offer insurers multiperil hazard data from Swiss Re Ltd. through SpatialKey’s proprietary underwriting solution, the Denver-based geospatial insurance technology company said Tuesday.
The collaboration integrates Swiss Re’s CatNet hazard data directly into SpatialKey, giving insurers using the platform access to 10 hazards including flood, earthquake, tsunami, wind, hail, tornado, wildfire and storm surge, SpatialKey said in a statement.
“Our collaboration with Swiss Re has enabled us to deliver a global underwriting solution for our industry’s most significant catastrophe risks,” Bret Stone, president of SpatialKey, said in the statement. “Not only do insurers have hazard-based insights at their fingertips, they can better assess and contextualize that data while balancing available capacity, price and risk all on one platform.”
“Traditional CAT models may lack coverage for certain perils or regions, leaving substantial gaps,” Peter Hausmann, Zurich-based head of natural catastrophe and engineering solutions at Swiss Re, said in the statement. “In light of last year’s heavy catastrophe-related losses, deeper intelligence is needed to underwrite these volatile risks.”
Global insured losses due to natural catastrophes soared to an estimated $136 billion in 2017, up from $65 billion in 2016, according to Swiss Re.
(Reuters) — Swiss Re Ltd. estimates that global insured losses from catastrophes in 2017 will hit $136 billion, the third-highest on record for the sector, with the United States hardest hit, it said on Wednesday.