Reinsurance specialist Guy Carpenter & Co. recently launched a satellite-based catastrophe evaluation service, GC CAT-VIEWSM, which it is already using to provide clients affected by the recent UK floods with initial insured loss estimates.
The new service is provided through an exclusive partnership with specialist geo-information services provider Geospatial Insight Limited. It analyzes Earth Observation (EO) Satellite and radar imagery, plus footage from unmanned aerial vehicles (UAVs), the media and social media, as well as ground-survey data, to produce initial loss estimates.
Guy Carpenter said that by it has been able to analyze detailed imagery of the areas affected by the recent UK floods to map the flood extent and help insurers identify which policies have been affected.
“Previously, establishing a reliable flood extent would have taken a considerable amount of time and required significant expense to compile and verify the necessary data,”said Vic Jenkins, from the newly created International Strategic Advisory team and head of Analytics for UK, MENA and South Africa at Guy Carpenter.
Jenkins a]said that the latest imaging and analysis technology means Guy Capenter can respond quickly to a catastrophe event, providing clients with information to help them respond in a matter of a few days following the deployment of GC CAT-VIEWSM.
The data will in the future also be used to prioritize and deploy loss-adjusting capabilities and conduct rapid loss assessments for other major natural catastrophes. Initial loss estimates based on specific client portfolios can be provided within days of the service being deployed for a particular event, according to the firm.
Source: Guy Carpenter