Understand the Impact of an Event, Before it Occurs
Over the past five years, the insurance industry has endured a series of record-breaking natural disasters, from hurricanes and wildfires to severe weather events and widespread flooding. In 2017 and 2018 alone, the combined economic impact from catastrophic (CAT) events surpassed half a trillion dollars. Although figures like these are staggering, this overall trend is not new, nor are the effects unexpected.
Since the 1950s, the number of natural disasters worldwide has continually risen by more than 450 percent.1 Regardless of the cause, the reality is that the frequency and severity of natural disasters have drastically increased, without a clear end in sight. This seemingly never-ending barrage of calamities has not only devastated communities and disrupted businesses but also exhausted the resources of insurance companies—many of which are stuck in a vicious cycle of jumping from crisis to crisis. To succeed in today’s chaotic world, insurance companies need to stay ahead of disasters by leveraging better tools, technology, and data
Get the e-Book
Read Transforming Insurance with Location Intelligence to learn how advanced mapping and location intelligence transform exposure management for insurance.