Catastrophe Risk Analysis
Similar Property Characteristics are used for replacement-cost and catastrophe risk estimates
The key to reliably estimating replacement costs and catastrophe loss is using high-quality property data for individual risks. 360Value captures a wealth of property characteristics essential for catastrophe modeling, including location, construction, building type, and year built.You can also enter additional property characteristics that may mitigate or exacerbate damage - such as storm shutters for hurricane risk and the presence of a soft story for earthquake risk.
Fortunately, much of the basic property information you collect for replacement-cost estimates is also needed for catastrophe risk analysis. Because your agents, inspectors, and CSRs capture this information every day, you can improve your underwriting decisions with minimal changes to your current property data collection processes. Key property data that's easy to collect In addition to location, construction method, year built, and other basic property information, the following data is important when assessing residential hurricane and earthquake risk at the point of underwriting.
In many cases, the necessary property data is automatically pre-filled by the ISO PushPin™ database. ISO PushPin contains specific and detailed data on key building features for more than 75 million residential properties in the United States.
Once entered into 360Value, all data can be used throughout the underwriting process and will be maintained in your company's 360Value database.
Impact on the Portfolio
Capturing more detailed information about each property and analyzing catastrophe risk at the point of underwriting has benefits beyond more reliable pricing and risk selection. As you enhance your portfolio you'll improve your overall risk profile, putting you in a better position to negotiate your reinsurance needs.
Similar Property Characteristics are used for replacement-cost and catastrophe risk estimates
The key to reliably estimating replacement costs and catastrophe loss is using high-quality property data for individual risks. 360Value captures a wealth of property characteristics essential for catastrophe modeling, including location, construction, building type, and year built.You can also enter additional property characteristics that may mitigate or exacerbate damage - such as storm shutters for hurricane risk and the presence of a soft story for earthquake risk.
Fortunately, much of the basic property information you collect for replacement-cost estimates is also needed for catastrophe risk analysis. Because your agents, inspectors, and CSRs capture this information every day, you can improve your underwriting decisions with minimal changes to your current property data collection processes. Key property data that's easy to collect In addition to location, construction method, year built, and other basic property information, the following data is important when assessing residential hurricane and earthquake risk at the point of underwriting.
In many cases, the necessary property data is automatically pre-filled by the ISO PushPin™ database. ISO PushPin contains specific and detailed data on key building features for more than 75 million residential properties in the United States.
Once entered into 360Value, all data can be used throughout the underwriting process and will be maintained in your company's 360Value database.
Impact on the Portfolio
Capturing more detailed information about each property and analyzing catastrophe risk at the point of underwriting has benefits beyond more reliable pricing and risk selection. As you enhance your portfolio you'll improve your overall risk profile, putting you in a better position to negotiate your reinsurance needs.