For insurers, catastrophe models and hazard data are essential for risk selection, pricing and portfolio management. It is necessary to ensure that no singular catastrophic event can disproportionately impact the loss to an insurer.
The combined risk of floods and hurricanes is becoming increasingly important for insurers to understand. These perils are two of the biggest loss drivers, and their impact is only increasing. Fathom and Reask have partnered to connect these two perils directly into one model.
In November 2022, Reask and Fathom co-hosted an InsTech event which reviewed how to understand and manage the key drivers of climate change in cyclones and floods. The large audience was made up of many of the major insurers and brokers. The discussions covered how insurers are incorporating future climate risk into underwriting and portfolio management, as well as views on the future of climate analytics and data from industry experts.
This write-up summarises the key discussions from the event and is available to download for free here. To hear directly from the speakers, the event’s highlights can be found on the InsTech podcast: