Hail and cyber attacks are two of the bigger property/casualty risks, one long-standing and the other, a fast-evolving problem. Two Verisk Analytics subsidiaries have rolled out new products designed to improve coverage services for both.
The company’s ISO division disclosed it now has optional cyber coverage options available for small and midsize businesses.
Effective March 1, the coverage options are designed to help insurers tailor coverage for their customers by offering set packages protecting against cyber exposures including data breaches, data replacement and restoration, cyber extortion and business interruption. As well, ISO business owners customers can get preferred pricing on a number of services available from IDT911, the ISO business owners program vendor that helps avoid data breaches and facilitates remediation when they happen.
Shawn Dougherty, cyber product development director for ISO Insurance Programs and Analytic Services, said in prepared remarks that the business-owners coverage options combined with IDT911 gives “carriers access to the tools and services they need to help their customers manage cyber risk.”
Meanwhile, Verisk Climate said it is now using new radar technology to more precisely map where hail falls as well as its severity, for the 2015 severe weather season. Verisk claims that this is the first availability of hail data for the industry from two U.S. radar infrastructure improvements: dual-polarization radar data and two-minute radar data frequency.
As Verisk Climate explains, the data generated is used by the insurance industry for proactive catastrophe responses, to verify claim accuracy and also predict any demand surges in building materials and labor.
The hail data Verisk Climate generates becomes a tool for property, auto, crop insurance and other markets.
Verisk Climate provides software, data, and analytics to help manage climate risks.
Source: ISO/Verisk Climate