Diagnosing the Role of Data for Water-Risk Assessment in the Insurance and Reinsurance Workflow
Abstract
Insurance and reinsurance industries are heavily reliant on catastrophe modeling systems for premium pricing, requiring extensive amounts of data to manage and underwrite risk. In this research we ask: what is the role of data in water risk management workflow? To answer that question, we conducted semi-structured interviews to present insights on the role of accessible, science-backed, timely, and cost-effective data within insurance and reinsurance water-risk pricing models. Our initial data so far shows that underwriters face challenges in the following areas when managing water-risk: the lack of time-efficient risk analytic tools and clear communication channels between risk modelers and underwriters. With more evidence collected, we aim to provide a more concrete analysis and finding to validate and support our initial claims.
- Publication:
-
AGU Fall Meeting Abstracts
- Pub Date:
- December 2021
- Bibcode:
- 2021AGUFMNH15B0456L