Catastrophe peril hazard data from leading reinsurance firm Swiss Re is to be made available to a wider range of re/insurers through a partnership with geospatial insurance data and analytics specialist SpatialKey.
The partnership means that Swiss Re’s catastrophe peril insights will be made available through SpatialKey’s proprietary underwriting solution, with Swiss Re’s CatNet® hazard data integrated directly into SpatialKey.
This will provide clients with access to data and insights on 10 hazards worldwide, helping the to increase accuracy in risk selection, assessment and management.
“We’re pleased to make our CatNet hazard data accessible to SpatialKey’s and Swiss Re’s insurance clients, many of which underwrite natural catastrophe risks globally, but lack critical intelligence to make informed decisions,” explained Peter Hausmann, Head of Nat Cat and Engineering Solutions at Swiss Re.
“Traditional CAT models may lack coverage for certain perils or regions, leaving substantial gaps. Our collaboration with SpatialKey, however, makes our CatNet data easily accessible through SpatialKey’s robust underwriting solution—bringing insurers added choice and confidence in their underwriting decisions. In light of last year’s heavy catastrophe-related losses, deeper intelligence is needed to underwrite these volatile risks,” Hausmann continued.
The paid say that the severity of 2017’s catastrophe losses demonstrate the need for broader access to data and understanding on perils, especially those not covered by the main vendor risk models.
Swiss Re’s CatNet models cover numerous natural perils, including flood, earthquake, tsunami, wind, hail, tornado, wildfire, storm surge and more.
“Our collaboration with Swiss Re has enabled us to deliver a global underwriting solution for our industry’s most significant catastrophe risks,” explained Bret Stone, President, SpatialKey.
“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—something that is especially critical in the wake of recent record industry losses,” Stone added, “Swiss Re is already recognized as a trusted thought leader in bringing comprehensive hazard data to the insurance market. We’re excited to collaborate with them to deliver added value and deeper insight to our clients.”