Granular weather information from weather stations across the UK track and forecast weather with 90% of UK insurers using this Weathernet information plus other industries e.g. Centrica.
The Danish Meteorological institute named a deep low to the north of the UK ‘Malik’ (from the Norse, “wave”) on 28th January. The system went un-named by the UK Met Office. Storm force north westerly winds over eastern Scotland and northeast England on Saturday 29th caused significant property damage and left 130,000 homes without power. There was widespread travel disruption to road and rail, the entire Tyne and Wear Metro was shut and there were two deaths from falling trees. Brizlee Wood, Northumberland recorded a gust of 93mph around noon. ‘Malik’ moved eastward into Scandinavia and central Europe during Saturday evening and Sunday where it was responsible for at least 4 further deaths and power outages that affected 680,000 people.
Follow the link below the article to track the storms and see the claims registered by geographic area.
Weathernet is one of the many data sources so essential to insurers and brokers with historic, trend and predictive analytics. Combined with data from other data and market intelligence sources insurers add to the insight for all parts of the business from underwriting to claims.
Examples include: -
Whenfresh- extensive UK residential property data
ICEEYE- global satellite coverage of natural CAT and flood monitoring day and night
McKenzie Intelligence Services Ltd joining ICEEYE and large number data sources
It is an essential requirement of all core and claims platforms to be able to ingest, join and analyse these valuable sources of data especially as proxy data is often required as new risks appear with no history whether it is cyber, extreme weather or even simpler activity like eScooters.
May platform vendors "talk the talk" when it comes to integration and APIs but when it comes to "walk the walk" you might find that stamina, resources and small API libraries hinder deployment. Look for proof of capabilities.
Climate risks are expected to add as much as $183bn to annual premiums for property insurance by 2040, as the growing frequency and severity of extreme weather prompts insurers to raise prices. Swiss Re Institute, the reinsurance group’s research unit, predicted on Monday that climate-related risks would account for just over a fifth of the overall rise in property premiums over the next two decades.
It is not just the dramatic property damage seen in raging Australian and Californian firestorms to freezing Texan property blanketed in ice.
Swiss Re said that in some important markets including China, the UK, and France, weather-related property catastrophe losses could double by 2040 because of climate risks. See further reading below
For now anticipate surge and claims, warn customers and consider all the data you need to offer exceptional customer service. And watch Storm Malik and Storm Corrie by following link below tags.
Further Reading
Climate risks to add $183bn to property insurance costs by 2040, Swiss Re predicts
Home Claims, Industry Challenges and the role of Technology discussed at 'I Love Claims' Conference
The Danish Meteorological institute named a deep low to the north of the UK ‘Malik’ (from the Norse, “wave”) on 28th January. The system went un-named by the UK Met Office. Storm force north westerly winds over eastern Scotland and northeast England on Saturday 29th caused significant property damage and left 130,000 homes without power. There was widespread travel disruption to road and rail, the entire Tyne and Wear Metro was shut and there were two deaths from falling trees. Brizlee Wood, Northumberland recorded a gust of 93mph around noon. ‘Malik’ moved eastward into Scandinavia and central Europe during Saturday evening and Sunday where it was responsible for at least 4 further deaths and power outages that affected 680,000 people.
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