FEMA officially announces Risk Rating 2.0 for Flood Risks.

FEMA officially announced Risk Rating 2.0 last Thursday as a change to the National Flood Insurance Program’s risk rating methodology, affecting new policies beginning Oct. 1, 2021 and renewals after April 1, 2022. These changes present a dramatic shift in pricing for risk and insurance professionals to analyze, especially as FEMA’s flood map data evolves.…

United Nations’ “Future Trends in Geospatial Information Management” highlights drivers of future change.

The UN’s “Future Trends in Geospatial Information Management” underscores how the ever-increasing size and complexity of existing data sources require technologies that can effectively integrate, analyze, and identify actionable insights from a wide array of sources. #risktech #insurtech #riskmanagement #geospatialdata http://ggim.un.org/meetings/GGIM-committee/10th-Session/documents/Future_Trends_Report_THIRD_EDITION_digital_accessible.pdf

2021 Tornado and Thunderstorm Season Off to Vicious Start.

Several severe weather events began a damaging start to the severe thunderstorm and tornado season this year, with damages expected to reach well into the hundreds of millions of US Dollars. With 2020 being the costliest year on record for severe storm peril, risk and insurance professionals should carefully monitor and proactively prepare to adjust…

Big data only as useful as ability to visualize insights.

Geospatially visualizing risk exposure data is crucial for risk and insurance professionals as the quantity of data increases every year – “the data is either too large to grasp or it’s not clear how the data is being manipulated.” Tapping into the actionable insights hidden in your risk exposure data is possible on the Maptycs…

How would you define your risk approach?

Quote of the Week: “A risk-informed approach fit for the digital age is one that is strategic in considering the impact of risk on strategy and performance; balanced in evaluating both opportunity and risk; integrated with strategy setting, planning and business execution; and customized, reflecting organizational business needs, expectations and cultural attributes.” How would you define your risk approach? #risktech…