Verisk Insurance Solutions said it is making its data for loss estimating of commercial properties available to managing general agents (MGA), managing general underwriters (MGU), and program administrators and others in excess and surplus lines. The data had been only offered to insurers, reinsurers and agents until now.
Verisk says the information will help MGAs, MGUs and program administrators more accurately calibrate loss estimations for individual fire risks and catastrophe modeling.
The data covers both primary and secondary exposure characteristics, with information on 10 key exposure elements, including location geocoding (latitude/longitude), ISO and AIR Worldwide construction class, primary business classification, number of stories, year built, building size (in square feet), roof geometry, roof covering, exterior walls, and basement indicator.
Verisk said its data is site verified by field staff.
Peter de Freitas, vice president, ProMetrix and Consulting Services, Verisk Insurance Solutions, said that MGAs, MGUs, program administrators, and those in excess and surplus lines markets can now reduce uncertainties in their catastrophic and other risk management programs as much as any carrier.
“Our data, combined with the actuarial science, meteorology and seismology of a reliable model, is the gold standard,” said de Freitas. He said with another windstorm and hurricane season looming, now is an excellent time to refresh risk management strategies, address risk concentration issues and improve pricing segmentation related to exposures.
Verisk Insurance Solutions includes ISO, AIR Worldwide and Xactware.
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