GC CAT-VIEWSM helps insurers assess losses from UK floods
Toronto, ON (Feb. 28, 2014) – Guy Carpenter & Company, LLC, the leading global risk and reinsurance specialist and member of Marsh & McLennan Companies, has launched its new satellite-based catastrophe evaluation service, GC CAT-VIEWSM, with the announcement that it has started using the service to provide clients affected by the recent UK floods with initial insured loss estimates.
The new service, which is provided through an exclusive partnership with specialist geo-information services provider Geospatial Insight Limited, analyzes Earth Observation (EO) Satellite and radar imagery, plus footage from unmanned aerial vehicles (UAVs), the media and social media, as well as ground-survey data, to produce initial loss estimates. Using GC CAT-VIEWSM, Guy Carpenter has been able to analyze detailed imagery of the areas affected by the recent UK floods to map the flood extent. By overlaying geocoded client risk location data, the team is helping insurers identify which policies have been affected and providing associated potential loss estimates. The data will in the future also be used to prioritize and deploy loss-adjusting capabilities.
Moving forward, Guy Carpenter will be able to use GC CAT-VIEWSM to conduct rapid loss assessments for other major natural catastrophes. Initial loss estimates based on specific client portfolios can be provided within days of the service being deployed for a particular event.
Commenting on the launch and the initial work carried out with insurers affected by the recent floods, Nick Frankland, CEO of EMEA operations at Guy Carpenter, said: “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.”
Vic Jenkins, from the newly created International Strategic Advisory team and Head of Analytics for UK, MENA and South Africa at Guy Carpenter, added: “Previously, establishing a reliable flood extent would have taken a considerable amount of time and required significant expense to compile and verify the necessary data. 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.”
About Guy Carpenter
Guy Carpenter & Company, LLC is a global leader in providing risk and reinsurance intermediary services. With over 50 offices worldwide, Guy Carpenter creates and executes reinsurance solutions and delivers capital market solutions* for clients across the globe. The firm’s full breadth of services includes line-of-business expertise in agriculture; aviation; casualty clash; construction and engineering; excess and umbrella; life, accident and health; marine and energy; medical professional liability; political risk and trade credit; professional liability; property; retrocessional reinsurance; surety; terrorism and workers compensation. GC Fac® is Guy Carpenter’s dedicated global facultative reinsurance unit that provides placement strategies, timely market access and centralized management of facultative reinsurance solutions. In addition, GC Analytics®** utilizes industry-leading quantitative skills and modeling tools that optimize the reinsurance decision-making process and help make the firm’s clients more successful. For more information, visit www.guycarp.com.
Guy Carpenter is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), a global team of professional services companies offering clients advice and solutions in the areas of risk, strategy and human capital. With 54,000 employees worldwide and annual revenue of $12 billion, Marsh & McLennan Companies is also the parent company of Marsh, a global leader in insurance broking and risk management; Mercer, a global leader in talent, health, retirement, and investment consulting; and Oliver Wyman, a global leader in management consulting.
*Securities or investments, as applicable, are offered in the United States through GC Securities, a division of MMC Securities Corp., a US registered broker-dealer and member FINRA/SIPC. Main Office: 1166 Avenue of the Americas, New York, NY 10036. Phone: (212) 345-5000. Securities or investments, as applicable, are offered in the European Union by GC Securities, a division of MMC Securities (Europe) Ltd., which is authorized and regulated by the Financial Services Authority. Reinsurance products are placed through qualified affiliates of Guy Carpenter & Company, LLC. MMC Securities Corp., MMC Securities (Europe) Ltd. and Guy Carpenter & Company, LLC are affiliates owned by Marsh & McLennan Companies. This communication is not intended as an offer to sell or a solicitation of any offer to buy any security, financial instrument, reinsurance or insurance product.
**GC Analytics is a registered mark with the U.S. Patent and Trademark Office.
SOURCE: Guy Carpenter
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