- Pricing and telematics lead the charge as insurtech patents jump 40pc
- FCA puts general insurance pricing practices under review
- Volvo and Baidu reach agreement to produce autonomous vehicles
- Cyber and D&O exposures increasingly intertwined, Airmic report finds
- Arch selects Touchstone for cat risk modelling
Marsh adds natcat data to Risk Map suite
Written by staff reporter
Marsh and CS STARS are adding a natural catastrophe risk map to its NAT CAT Pack. Launched in 2011, the NAT CAT Pack suite of services includes access to NATHAN, Munich Re’s GeoSpatial Solutions’ natural hazards risks database.
The NAT CAT Risk Map expands upon traditional risk management information systems and enables users to record their global risk exposures on a single interactive map. Users can then analyse their accumulative property and natural catastrophe hazard risks across their entire asset portfolios, including suppliers’ locations.
Businesses are under mounting pressure from insurers to manage their global supply chain and property risk exposures more aggressively, amid greater underwriting scrutiny following heavy losses sustained as a result of increasingly frequent and severe natural catastrophe events.
“Accurate natural catastrophe information is of paramount importance in determining risk mitigation, risk transfer and financing strategies," says Caroline Woolley, leader of Marsh’s property practice in EMEA. "However, many modelling exercises are likely to be flawed from the outset, if firms fail to provide all the appropriate data and fully determine the precise nature and location of the natural catastrophe risks they face across their value chains globally.
“As well as having a negative impact on their risk management strategies, this may adversely affect insurance premiums at a time when businesses cannot afford to lose revenue. The NAT CAT Risk Map, as part of Marsh’s NAT CAT Pack, puts clients firmly back in the driving seat during renewal negotiations and should be the first step in establishing a best practice approach to managing natural catastrophe risks more effectively.”