CRESTA zone maps can boost penetration in emerging markets – free webinar
Insurance penetration rates in emerging markets can be accelerated by insurers who correctly use the very latest risk models and mapping data available to the industry, as this approach allows them to easily and accurately price risk even in relatively undeveloped markets.
That is the view of Gavin Lewis, commercial director of ImageCat, the creators of the exposure data improvement and analysis platform Inhance. Lewis is also one of the presenters on a free webinar delivered by GfK and Intelligent Insurer on Thursday, September 10. Details of the event can be found below. GfK supplies the reinsurance industry with digital boundary data such as CRESTA zones, which offer a universal standard for the exchange of aggregated, insurance-related information among insurers and reinsurers. According to Lewis, this kind of boundary data is part of the solution to the challenges faced by the industry.
Lewis will specifically examine the situation in Turkey, which is a quickly developing market grappling with two major catastrophe risks: floods and earthquakes. Lewis will show how CRESTA zones used within Inhance help leverage insights from these scenarios.
“Having the right technology in place from an early stage in the development of a market can be very helpful in increasing insurance penetration quickly,” Lewis said. “The data available in emerging markets can be very poor, but if CRESTA zone maps are used correctly, insurers can categorise and price risks accurately, which allows them to exercise better capital management.”
“This better perspective should also mean faster growth and penetration for these markets as a whole. One of the beauties of CRESTA data is that it is continuous and offers a consistent perspective of the risk. As a standardised metric, insurers can use CRESTA zones to easily exchange information with reinsurers, quickly bringing even more capacity to bear in these markets.”
The September 10 webinar will also feature several ImageCat and GfK use cases studies examining how this type of boundary data can be used to underwrite in territories with high quake exposures such as Turkey and in specific disaster scenarios in the Philippines and other areas around the world.
Click here to register.
