Insurity Deepens EuroTempest Partnership to Embed Hazard Intelligence
Event summary
- Insurity and EuroTempest have expanded their partnership, initially formed in 2016, to integrate EuroTempest's windstorm and severe weather data into Insurity’s SpatialKey platform.
- The expanded partnership provides SpatialKey users access to UK Static Wind Risk models, global tropical storm risk datasets, and high-resolution European windstorm layers.
- SpatialKey now offers real-time and historical event footprints, enabling insurers to monitor tropical storm evolution and assess exposure.
- The integration aims to address the common issue of geospatial data residing outside core underwriting workflows, hindering pricing and portfolio performance.
The big picture
The partnership reflects the growing imperative for insurers to incorporate climate risk data into underwriting decisions, driven by increasing weather volatility and regulatory pressure. Insurity’s SpatialKey platform aims to bridge the gap between data providers and core underwriting workflows, a persistent challenge in the industry. This expansion positions Insurity to capitalize on the increasing demand for real-time, financially precise risk assessments within the property and casualty insurance sector.
What we're watching
- Data Adoption
- The success of this partnership hinges on insurers’ willingness to adopt embedded geospatial analytics into their daily underwriting processes, rather than treating it as a separate exercise.
- Model Accuracy
- The financial precision of the Static Wind Risk model and other datasets will be critical; inaccurate data could lead to mispricing and increased exposure.
- Competitive Response
- Other insurance software providers will likely accelerate their own geospatial data integrations, potentially intensifying competition in the underwriting analytics space.
Related topics