CoreLogic said it is bringing to Canada its Flood Risk Score and Weather Verification Service. Ping An Property & Casualty Insurance Co. in China entered into a cooperation agreement that will help boost coverage it offers to China’s ship-owning sector.
CoreLogic said it is expanding its Flood Risk Score and Weather Verification Service for hail into Canada.
The availability of the CoreLogic Flood Risk Score and Weather Verification Service for hail in Canada means insurers and adjusters can more quickly and accurately assess risk in large areas, asserted CoreLogic, the Irvine, Calif.-based property data and analytics firm.
CoreLogic’s Flood Risk Score for Canada is available through RiskMeter Online, and it was developed by scientists who specialize in hydrology and algorithmic-based risk assessments. It provides the analytic capability to help customers identify flood risk for all flood hazard perils (riverine flood, flash flood and coastal flood) across Canada’s 10 provinces and the entire risk spectrum, from small frequent floods to severe and catastrophic events.
The company’s Hail Weather Verification Service for Canada verifies the presence of hail at insured locations, allowing insurers to see the geographic extent during and after a hail event at the national or property level and to receive proactive hail event notifications on impacted policies.
China’s Ping An Property & Casualty Insurance Co. and the Standard Club Asia Ltd., managed by Charles Taylor Mutual Management (Asia) Pte Ltd., have formed a cooperation agreement.
Under the terms of the agreement, Standard Asia and Ping An P&C will jointly offer protection and indemnity (P&I) cover to China’s rapidly growing ship-owning sector, with a focus on owners undertaking ocean-going voyages.
For Ping An P&C, the agreement will allow the company to expand its existing P&I business to cover the growing number of Chinese shipowners with ocean-going shipping operations.
Source: the Standard Club/Ping An, CoreLogic