AAIS Service Supports Hurricane Risk Assessments, CAT Planning & Event Tracking

Feb 23, 2021 / by AAIS

Accurate risk assessment is key to mitigating exposure and to unlocking underwriting opportunities.

The AAIS Risk Awareness Service is designed to help companies do just that. According to Yuting Yang, AAIS Senior Technical Lead and Actuarial Lead, Risk Awareness Service goals are three-fold: “We want to educate insurers about risks they cover or hope to cover, help them understand how these risks are built into our model programs, and attain a real-time perspective of what is happening in the U.S. in regard to key perils.”

The Service currently focuses on hurricanes with practical Catastrophe Planning information, resources, and tools that show events in real time.

 

Catastrophe Planning: Hurricanes

The Catastrophe Planning Section of the Risk Awareness Service currently provides over 40 pages of information on hurricanes and dozens of links to additional resources. This educational hub contains end-to-end planning information focused on key areas such as Hurricane Fundamentals, Hazards in Hurricanes, Lessons from the Past, Hurricane Deductibles, Mitigation Credits, Hurricane Residual Market, and Hurricane Reinsurance.

 

Tracking Live Events

The Risk Awareness Service’s Hurricane Live Event Tracker, allows users to interact with live web maps that track the potential impact of oncoming perils across the U.S. The tool integrates various key data ‘’layers,” such as AAIS Rating Zones, total insured value in an area, base loss costs, watches and warnings, distance from a particular event and exposure areas.  

 

More to Come!

AAIS’s Risk Awareness Service is constantly evolving as more data is collected and user feedback is received and integrated. It will be expanding to address additional perils based on user feedback. (The current short list includes Wildfire, Flood, Sinkholes, Cyber, and more.)

 

Check out the AAIS Risk Awareness Service for yourself!

 

Any questions? Contact the Risk Awareness Service Team:

membership@aaisonline.com

Tags: openIDL, Community, Technology, Issues & Trends, Data & Technology, Insurance News/Current Events, Open Source, Insurtech, IoT, Data, Data/Tech

AAIS

Written by AAIS

AAIS Risk Awareness Service

“We want to educate insurers about risks they cover or hope to cover, help them understand how these risks are built into our model programs, and attain a real-time perspective of what is happening in the U.S. in regard to key perils.”

 

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