About This Event
We will demonstrate the importance of accurate geocoding in classifying catastrophic risk, including the particularly sensitive perils of wildfire and flood. This will include exploring how geocoding works, why not all geocoding results are “created equal,” and how to address limitations with geocoding. We will also discuss why wildfire and flood are such localized perils, with risk varying greatly between relatively close locations. Finally, we will consider other implications of understanding an exposure’s accurate location, such as underwriting and managing concentration. Key messages include:
- Simple changes to existing geocoding and underwriting workflows can help improve geocoding results and location accuracy for new quotes and existing portfolios.
- For natural catastrophe perils, geocoding accuracy can have very material impacts to pricing and underwriting decisions.
- In high-risk areas, large parcels, or commercials properties, property insurers should consider using building footprints as opposed to a traditional single-point location for pricing and underwriting.
