Panel discussion: On the front line of flood risk
As the latest in a series of catastrophic flood events unfolds in New South Wales, we are once again reminded of the devastation the peril can cause and the complexities in managing the risk.
Work has already begun within the industry to respond to the event, with the process of claims data collection and analysis underway as the industry works to understand the impact on those affected.
These processes are increasingly informed by new and emerging technologies which help enhance capabilities in collecting timely flood hazard data.
During a 45-minute virtual panel discussion, hosted by The Insurer and satellite data provider and nat cat solutions specialist ICEYE, we consider how technology is transforming (re)insurers’ ability to respond to major events and develop new product offerings.
Joined by Stephen Lathrope, Global Head of Insurance, ICEYE; Daniel Stander, Senior Advisor, United Nations Development Programme; Andrew Pedler, Head of Claims Client Relationships and Innovation, Liberty Specialty Markets and Amaury Dufetel, Head of Parametric Insurance, Axa Climate, the panel covers:
- Current flood hazard data shortfalls and the knock-on effects on industry responsiveness;
- The potential of being able to access faster and more granular data to improve every stage of the process, from initial response and loss sizing, to resource allocation, policyholder communication and claims management;
- How synthetic-aperture radar (SAR) satellite technology, combined with auxiliary data sources through an AI lens is providing near real-time access to consistent and actionable insights;
- Recent market examples of the application of granular hazard data in the aftermath of major flood events such as the 2021 European floods and 2022 Brisbane floods; and
- What this could mean for the future of insurance.