A new service from ISO’s Location geographic information system is claiming to help insurers better manage their exposure to natural catastrophes for more profitable underwriting decisions.
The risk information provider says the Natural Catastrophe Service from Location, developed by ISO’s catastrophe modeling subsidiary, AIR Worldwide Corporation, provides reliable risk profiles on every address in the continental US.
Insurers access the information online via ISO PassportSM, ISO’s electronic delivery system, which allows insurers instant access to underwriting tools from ISO and other information providers through a single interface.
According to ISO, Natural Catastrophe Service uses detailed data from AIR to provide address-specific risk information for hurricanes, earthquakes and severe thunderstorms. The service provides the long-term average annual loss, as well as 100-year and 250-year losses for a typical property at a specific location for each peril.
Uday Virkud, senior vice president at AIR, said, The Location Natural Catastrophe Service offers easy online access to the same detailed hazard data AIR utilizes in its sophisticated catastrophe models. The service provides underwriters with valuable information to enable better compliance with company underwriting guidelines and improved underwriting decisions.