Willis Re, reinsurance arm of global risk advisor Willis Group Holdings, has announced a partnership with catastrophe-modeling company KatRisk and analytics firm SpatialKey. Together, they plan to offer Willis Re clients analytical capabilities to better manage flood accumulations.
Willis Re plans to leverage KatRisk modeling data to create flood risk intelligence that will be delivered through its consultative analytics services. Clients will directly access information through SpatialKey’s Insurance Intelligence offering.
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"Market demand for a high quality and high resolution flood solution has never been greater. Insurers want to leverage the latest science and analytical methods to evaluate and manage flood exposure," says Vaughn Jensen, Executive Vice President of Catastrophe Management Services at Willis Re, in a statement. "Our partnership with KatRisk and SpatialKey offers the potential for significant improvement in how our clients proactively manage their flood accumulations."
Currently, Willis Re and SpatialKey are collaborating to integrate KatRisk’s US flood hazard maps with SpatialKey’s upcoming Flood Accumulation app. The app will offer users the means to access, gather, and visualize KatRisk’s high-resolution data, which depicts riverine and surface water flood risks.
App users can analyze their flood risk data alongside coastal surge data from the National Oceanic and Atmospheric Administration. They may also compare data with the Federal Emergency Management Agency flood zones and US Geological Survey hydrological units. Such measurement capabilities should help insurers better regulate their views of risk.
While the primary goal of this partnership is to use SpatialKey to deliver solutions to the US market, Willis Re may also leverage KatRisk models to offer global consultative services.
Kelly Sheridan is the Staff Editor at Dark Reading, where she focuses on cybersecurity news and analysis. She is a business technology journalist who previously reported for InformationWeek, where she covered Microsoft, and Insurance & Technology, where she covered financial ... View Full Bio