One of the strengths of using parametric insurance for climate-related perils and events is the ability to offer an immediate payout to policyholders who can’t afford to wait for financial assistan
This week, ICEYE and MIS explain how satellite data becomes actionable flood insights and CPP Group expands its travel insurance portfolio. Read on for more on new partnerships for CoreLogic and Addresscloud, and how CyberCube is helping Lloyd’s syndicates stress test cyber perils.
Insured loss estimates from Hurricane Ida were released as soon as 5 days after the tropical storm made landfall in Louisiana. Throughout September these companies have updated their predictions. AIR has updated its estimate to include insured losses from flooding, so its new range is $20 billion to $30 billion. RMS has updated its estimate to between $31 billion and $44 billion, which includes losses from flooding, and CoreLogic predicts up to $8 billion in insured flood losses alone specifically for the US Northeast.
Throughout July, floods have affected areas across the world. With the release of loss estimates from various modellers, brokers, insurers and other commentators, the size and range of the relative gap between economic loss and insured loss is notable, as well as different loss drivers. In the Henan province floods, in China, the majority of claims have been from motor due to a lack of property flood insurance.
Founded in 2010, CoreLogic has established itself as a leading provider of location and property intelligence, with more than 500 insurers and reinsurers now using its products.