Emapsite launches perils model
Data services provider emapsite has launched a geocoded perils model enabling insurers and underwriters to assess the subsidence risk for every property in the UK.
The model, Subsitree, is available as a data set and through an on-tap location content platform. It gives a detailed perspective into the distribution of risk based on the latest soil type and tree data.
The new model has been created through work with insurance sector clients.
Simon Goodwin, emapsite’s business development manager for the banking, finance and insurance sectors, said: “Subsitree has been purpose-designed to provide a more granular level of risk insight for insurance clients, moving away from postcode-based analysis to property level, driven by the fact that up to 70 percent of subsidence claims are tree-related.”
“Its currency and level of detail means insurers can enjoy greater confidence in the rationale behind decisions on risk selection, valuation, pricing and accumulations.”
“They can also realise business value from shorter quotation times and, because it is a hosted solution, they no longer have to manage their own potentially costly data stacks and IT deployments.
Subsitree is the latest in a growing suite of peril modelling data on the emapsite platform gathered from a mix of licensed, open and proprietary sources.
In September 2015, emapsite launched a property crime dataset highlighting a normalised risk score per postcode for burglary, arson, criminal damage, vandalism and theft. A property-level flood risk model, covering river, coastal and surface water, is also available.
