Swiss Re partners with SpatialKey

Swiss Re has partnered with SpatialKey, a provider of geospatial insurance analytics, to offer insurers access to multi-peril hazard data.

The collaboration will see Swiss Re’s CatNet hazard data integrated directly into SpatialKey, giving insurers access to 10 hazards worldwide for enhanced risk assessment and management.

Related: Global insured losses estimated to reach $US136 billion in 2017: Swiss Re

“Traditional CAT models may lack coverage for certain perils or regions, leaving substantial gaps,” Peter Hausmann, head of Nat Cat and Engineering Solutions at Swiss Re, said in a news release. “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.”

Swiss Re estimates that natural catastrophes resulted in US$136 billion in global insured losses last year—up from US$65 billion in 2016. This was due in large part to hurricanes Harvey, Irma and Maria, the California wildfires and earthquakes in Mexico.

“In light of last year’s heavy catastrophe-related losses, deeper intelligence is needed to underwrite these volatile risks,” Hausmann said.

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This story was originally published by Canadian Insurance Top Broker.