Annual Meetings-Session II: CAT Management: Hazard Mapping in the Inland Marine Industry

Session II: CAT Management: Hazard Mapping in the Inland Marine Industry

Pdf Summary

The document discusses the importance of GIS (Geographical Information System) in the Inland Marine industry, emphasizing its ability to analyze spatial relationships and visualize data through spatial data sets such as flood zones, wildfire risk, and crime scores. Geocoding, the process of assigning geographical coordinates to addresses, is highlighted as a crucial first step in mapping natural hazards and understanding their impact on specific locations. The need for accurate and comprehensive information is emphasized for insurers to assess risks effectively, set appropriate premiums, and manage losses. Mapping various factors like flood elevation, storm surge, and crime reports allows for better decision-making in underwriting and risk assessment. The document emphasizes the value of good information for pricing, loss management, and reinsurance costs. It also touches on the challenges in underwriting inland marine policies due to their complexity. By utilizing mapping technology, insurers can gain a clearer understanding of risks and make informed decisions. Overall, the document showcases the significance of mapping in the insurance industry to improve risk assessment and decision-making processes.

Asset Caption

Presented by:
James Munson, Director of Consulting Services CDS Business Mapping

Keywords

GIS

Geographical Information System

Inland Marine industry

spatial relationships

flood zones

wildfire risk

crime scores

Geocoding

natural hazards

risk assessment