Lloyd’s has announced plans to offer agents and underwriters the means to see Lloyd’s data on Google Earth maps to plot their exposure to hurricanes, earthquakes, terrorist attacks and other catastrophes. The underwriters will be able to see specific visualizations for insurance exposure models related to catastrophes such as hurricanes, earthquakes, etc. The application uses Google Earth’s 3D abilities to make the visualizations more compelling by using techniques such as 3D bar charts overlayed over the specific locations of interest. “It should give underwriters increased confidence that they’re not going to be caught out by a hotspot.” says Paul Nunn, Lloyd’s head of exposure management.
Robert Caton, head of risk modelling at Hiscox, one of the insurers using Google Earth through Lloyd’s, says:
“It’s early stages yet, but what we have seen so far is promising.
“This tool provides a way of presenting a significant amount of relevant information about exposures in a way that’s clear and instructive and quickly highlights potential problem areas.
“A reporting tool of this sophistication could be expensive and time consuming to produce for individual agents so it’s pleasing that Lloyd’s is developing this type of tool, and making it available for use by the market.”