The Risks of Hazard

I've been discussing the merits of risk scoring quite a bit recently, first explaining the 4 major benefits and then taking a closer look at how it works. But since pictures are worth a thousand words, I've put together a visual presentation that shows the value of risk scoring, specifically in InsitePro. 

This continuation of my blog series comparing InsitePro™ to RiskMeter Online™ (read the first three posts here, here, and here) focuses on a key advantage of InsitePro: the availability of Intermap's best-in-class NEXTMap^® five-meter digital terrain model (DTM). 

When trying to understand the flood risk of a specific location, one of the most important aspects to consider is the shape of the terrain. Elevation data is the core ingredient in flood models, and it can be used to complement those flood models to enhance the results of a risk analysis. Having the best available elevation data is definitely important, and Intermap’s NEXTMap^® DTM is a perfect fit.

Insuring property against natural catastrophes is a funny business because periodical losses are important to the market; this post from Sam Friedman explores why. In a nutshell, the insurance industry depends on catastrophic losses from time to time to normalize the supply and demand — and thus the pricing — of insurance capacity. The post is worth reading not just because it’s informative, but also because it explains the concept of “naïve capacity” (what a brilliant term for much of what happens in the capital markets these days!).

In my third blog post comparing InsitePro™ to RiskMeter Online™ (read the first two posts here and here), I’ll be discussing breadth of coverage. A key advantage of InsitePro is the fact that it offers location-based risk information for any address, anywhere in the world.

Insurance is the epitome of an international business, with insurers and brokers frequently based across borders. Their customers, too, are frequently international companies based all over the globe. Therefore relying on risk software that can only be used to understand risk in one specific country has clear drawbacks in this industry.

This is the second post in my continuing series comparing InsitePro™ to RiskMeter Online™, Core Logic’s market leading solution. In the first post, I discussed the value of an interactive view of location-based risk compared to standard reports. In this post, I will explore a feature unique to InsitePro, but indispensable for underwriters or brokers trying to grasp the true exposure of a building or buildings to flood — terrain measuring.