London-based reinsurers ACE and Willis Re have launched the ACE Cat Web platform, a web-based analytics service to help companies evaluate their own catastrophe exposures, as well as those of their suppliers and customers.
Using information on earthquake, storm and flood risk from RMS, along with information provided by the client, the ACE Cat Web Platform provides a map of the relative exposures that the client faces worldwide. ACE's engineering specialists can then use satellite imagery to provide more detailed risk assessments of local risk.
The platform can also be used to view past and current global natural hazard activity, including earthquake, storm and flood events, using data from the US Geological Survey. ACE will make the platform available to its risk engineers advising existing and potential new customers.
[Read more about how insurers are using analytics to get a better picture of catastrophe risk.]
"By pinpointing accumulation hot spots, companies can better assess the strengths and weaknesses of their supply chains and ACE can more easily work with them to develop the right programs to manage the risks," says Derek Talbott, EVP of ACE International, in a statement.
"Using our market-leading mapping and analysis technologies … Cat Web will provide rich insights for firms wanting greater control of their business continuity, underpinning ACE’s efforts to help clients manage their own catastrophe exposures and those generated by their supply chains," added Rowan Douglas, CEO of Global Analytics, Willis Group.
Nathan Golia is senior editor of Insurance & Technology. He joined the publication in 2010 as associate editor and covers all aspects of the nexus between insurance and information technology, including mobility, distribution, core systems, customer interaction, and risk ... View Full Bio