SpatialKey and Swiss Re in risk modelling partnership
Written by staff reporter
Geospatial insurance analytics provider SpatialKey has partnered with Swiss Re to offer insurers access to multi-peril hazard data through its proprietary underwriting tool, in a collaboration that integrates Swiss Re’s CatNet hazard data into SpatialKey, providing insurers with access to 10 hazards worldwide for greater 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,” said 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.”
In 2017 global insured losses due to natural catastrophes soared to an estimated US$136bn, up from US$65bn in 2016, and well above the annual average of the previous 10 years.