Swiss Re partners with insurtech SpatialKey
Swiss Re has partnered with Denver-based geospatial insurance technology company SpatialKey to offer P&C insurers multiperil hazard data through SpatialKey’s proprietary underwriting solution.
The collaboration integrates Swiss Re’s CatNet hazard data suite with SpatialKey, providing insurers with access to 10 hazards including flood, earthquake, tsunami, wind, hail, tornado, wildfire and storm surge, SpatialKey said in a Feb. 13 press release.
“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,” said Peter Hausmann, head of nat cat and engineering solutions at Swiss Re.
In 2017 global insured losses due to natural catastrophes soared to an estimated $136 billion, up from $65 billion in 2016, and well-above the annual average of the previous 10 years, according to Swiss Re. Losses were due in large part to hurricanes Harvey, Irma, and Maria as well as to the wildfires that struck the US in the second half of 2017. Swiss Re said that the severity of these losses serves to demonstrate the need for trusted insight at the point of underwriting.
Bret Stone, president, SpatialKey, commented: “Our collaboration with Swiss Re has enabled us to deliver a global underwriting solution for our industry’s most significant catastrophe risks. 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.”
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