econintersect.com
       
  

FREE NEWSLETTER: Econintersect sends a nightly newsletter highlighting news events of the day, and providing a summary of new articles posted on the website. Econintersect will not sell or pass your email address to others per our privacy policy. You can cancel this subscription at any time by selecting the unsubscribing link in the footer of each email.



posted on 03 June 2017

Improvements In Science And Tools Enable Sophisticated Post Storm Response

from CoreLogic

-- this post authored by Daniel Betten

Did you know that wind is one of nature’s most difficult hazards to measure? The damage caused from it can potentially go undetected for months, as unlike hail, which can be visually seen and, can often concentrate in the center of severe storms, wind is invisible and depending on geography, can vary widely over small areas.

Each year, extreme weather events, including wind, pose a growing threat to property and casualty insurers in the United States, costing billions of dollars in insured losses. Recently, CoreLogic analyzed wind in 2016 that brought wind speeds as high as 101 mph at Kennedy Space Center, Florida during Hurricane Matthew. Severe wind activity like this resulted in considerable collateral damage which led to very long claims cycles.

National Oceanic and Atmospheric Administration (NOAA) and nearby airport observations have often been relied on by insurance claims adjusters to document a claim file. Yet, as neither of these sources represented the wind at or near the location of the Space Center, claim denial or approval decisions were left open to interpretation, leading to likely approval of invalid claims. In addition, poorly understood post-storm exposure leads to significant challenges calibrating storm response, and estimating Incurred but Not Reported (IBNR) reserves.

The ability to understand the specific impact of each storm can be challenging for carriers who are looking to enable a more proactive approach rather than a reactive storm response. Thus, forensic wind verification technologies exist so that carriers can compare detailed storm maps and reports with their books of business. As every storm is unique, this analysis helps carriers to arrive at a better understanding of the impact of each unique storm. With the ability to accurately verify damage and pinpoint affected areas, more targeted response plans can be developed. These plans help to drastically improve customer satisfaction, catastrophe response efficiency, and confidently detect fraudulent claims.

Property and casualty insurance industry is exposed to billions in insured losses every year due to wind. Thus, insurers need to be able to proactively respond to customer inquiries and deploy the appropriate resources with precision. Having a robust wind verification solution makes all the difference.

©2017 CoreLogic, Inc. All rights reserved.

Source

http://www.corelogic.com/blog/authors/daniel-betten/2017/05/understanding-the-science-behind-wind-verification-technology.aspx#.WScxEGjythE

>>>>> Scroll down to view and make comments <<<<<<

Click here for Historical News Post Listing










Make a Comment

Econintersect wants your comments, data and opinion on the articles posted. You can also comment using Facebook directly using he comment block below.




Econintersect Contributors








search_box
Print this page or create a PDF file of this page
Print Friendly and PDF


The growing use of ad blocking software is creating a shortfall in covering our fixed expenses. Please consider a donation to Econintersect to allow continuing output of quality and balanced financial and economic news and analysis.







Keep up with economic news using our dynamic economic newspapers with the largest international coverage on the internet
Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government





























 navigate econintersect.com

Blogs

Analysis Blog
News Blog
Investing Blog
Opinion Blog
Precious Metals Blog
Markets Blog
Video of the Day
Weather

Newspapers

Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government
     

RSS Feeds / Social Media

Combined Econintersect Feed
Google+
Facebook
Twitter
Digg

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution

Contact

About

  Top Economics Site

Investing.com Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2017 Econintersect LLC - all rights reserved