The reinsurance broker has rolled out GC Cat-ViewSM at a time when many of its clients are trying to get a handle on what their exposure is to the recent UK floods.
“We are delighted to be able to deploy our new GC Cat-ViewSM capabilities to assist our clients in quantifying the impact of the worst flooding experienced in the UK since 2007.”
GC Cat-ViewSM is a satellite-based catastrophe evaluation service, the operations of which have been provided through an exclusive partnership with specialist geo-information services provider Geospatial Insight Ltd.
This new offering from Guy Carpenter analyses Earth observation satellite and radar imagery, as well as footage from unmanned aerial vehicles, both traditional and social media and ground-survey data to produce initial loss estimates.
Using this data, Guy Carpenter can map the extent to which the UK has flooded, and, by overlaying geo-coded client risk location information, the company can help its clients identify which policies may have been triggered.
Vic Jenkins, from Guy Carpenter’s newly created international strategic advisory team, as well as head of analytics for the UK, Middle East and North and South Africa, explained GC Cat-ViewSM means the days of waiting to compile and verify relevant flood data have been consigned to the past.
“Using the latest imaging and analysis technology, we can respond quickly to a catastrophe event, providing our clients with robust information to help them plan and respond in a matter of a few days following the deployment of GC Cat-ViewSM,” said Jenkins.
While GC Cat-ViewSM is being utilised at the moment for dealing with the UK floods, the broker will push out the facility for other major natural catastrophes. According to the broker, initial loss estimates can be provided within days of the service being deployed for a particular event.