Hurricane Florence creates challenges for insurers

 In EigenPrism Updates, EigenRisk in the News, Event News

Hurricane Florence is advancing towards the US east coast, where it is expected to make landfall as the most powerful hurricane in recent decades.

Current projections show Hurricane Florence making landfall as a major hurricane on the southeastern US coast late Thursday or early Friday. The system will produce significant wind damage within hundreds of miles of impact. Flooding is expected to be severe due to the combination of storm surge and tropical rainfall as the storm may stall after landfall; some locations in North Carolina and Virginia may receive days of rain with accumulations exceeding 20 inches.

The power and size of the storm, with the combination of wind and flood damage, presents challenges for insurers as they assess their potential exposure to this storm. Many insurers are already making decisions about when and where to suspend new business. Claims resources also need to be managed to ensure adjusters are available when needed.

Set smart Alerts

EigenAlerts are a very effective tool to help insurance companies assess potential exposure – and importantly, to revise the assessment within seconds as the updated forecasts are received.

Responsive underwriting

EigenPrism allows insurers to pick and chose which states, counties and zip codes to suspend new business – a level of granularity that enables them to fine-tune underwriting suspensions, based on the latest information.

Proactive claims management

EigenPrism allows insurers to know the probability of hurricane or tropical storm winds striking a particular area – so they can proactively direct claims resources to the areas likely to be hardest hit.

Speed

Contact us if you want to use EigenAlerts immediately; you can be up and running in a day if you have data in standard cat model or spreadsheet format.


Read the case study here.


 Arrange a live demo

Not a subscriber, but want to see how this works? Contact us and we’ll set up a live demo to show you how EigenPrism helps you plan, monitor and respond to nat cat events.