“Where” and the Internet of Things

Posted by Ivan Maddox on Jan 26, 2016 12:16:22 PM

The Internet of Things (or the IoT) is a real boon for technology bloggers, and it is time Risks of Hazard took a look at it. First, some background: here’s what the IoT is, how it works, why it’s not everywhere yet, its impact on insurance, and how it threatens the insurance industry (!). But there is not much about the IoT and natural catastrophe risk out there yet, presumably because they are not really related…

False. The IoT and natural catastrophe risk assessment have one thing very much in common: the importance of location.

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Topics: Location-Based Intelligence, Insurance Underwriting, Natural Catastrophe

When It Comes to Wind, Location-Based Risk Info Is Not Important

Posted by Ivan Maddox on May 14, 2015 10:39:00 AM

One of the main recurring themes of The Risks of Hazard blog is the importance of location-based risk information. However, there is one major peril that does not require such property-specific data: wind.

Wind is one of the most destructive perils that can be insured against. Thus, it is very well modeled around the world, including USA hurricane, European windstorm, Asia/Pacific cyclone, and straight-line wind in convective storm. Wind does not include tornadoes, which are associated with convective storm models.

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Topics: Natural Hazard Risk, Location-Based Intelligence, Other Risk Models

RIMS 2015 Highlights Reveal Insights on Natural Catastrophe Risk

Posted by Ivan Maddox on May 12, 2015 11:12:27 AM

I have been watching some of the videos published by AM Best from the RIMS annual convention in New Orleans last month. The city hosted the event to mark 10 years since Katrina and Rita devastated the region. I couldn’t make it to the show, so I wanted to catch up on some of the current thought leadership surrounding natural catastrophe risk. 

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Topics: Natural Hazard Risk, Location-Based Intelligence, Flood Insurance, Property Insurance

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