“The collaboration between SpatialKey and IHS Markit has enlightened our process for analysing terrorism risks and managing accumulations,” explains Steven Tebbutt, Global Practice Leader for Political Violence at Talbot Underwriting.
Denver, CO (PRWEB)
September 20, 2017
Political violence risks, which include terrorism, civil unrest and war perils, are dynamic and highly differentiated geographically—not just at a country level, but also within cities. According to IHS Markit, militants conducted 24,202 attacks worldwide in 2016, up from 18,987 in 2015. Islamic State was the most operationally active militant group tracked by IHS Markit, accounting for 18 percent of all recorded attacks worldwide and 39 percent of all non-militant fatalities.
It’s clear the threat landscape is becoming more complex with more advanced, well organized attacks directed by Islamic State and other groups, combined with an increased frequency of hard to prevent “lone wolf” attacks that use simple weapons and tactics. For insurers, while property damage is still the primary loss driver, advanced data and analytics are helping to better protect against business interruption risks. In this context, insurers require tools to rapidly understand global risk and identify opportunities to meet the evolving needs of their customers.
SpatialKey’s underwriting and exposure management solutions provide insurers with the ability to exploit faster, better intelligence to price, select and manage risk; thereby, improving underwriting profitability while reducing the downstream costs associated with reinsurance and claims. IHS Markit’s Foresight Country Risk offering delivers global high-resolution, location-specific risk scores covering the full range of political violence perils, as well as intelligence-based terror targets and a comprehensive repository of dynamically updated events.
Today’s newly announced collaboration was developed in partnership with Talbot Underwriting. As a leader in their space, Talbot was the first to realize the potential of bringing together SpatialKey’s advanced analytics with IHS Markit’s industry-leading data: instant access to…