Businesses are under mounting pressure from insurers to manage their global supply chain and property risk exposures more aggressively, amid greater underwriting scrutiny following heavy losses sustained as a result of increasingly frequent and severe natural catastrophe events.
To assist clients in managing their natural catastrophe risks and gain more control in their insurance renewal negotiations, Marsh and CS STARS today announce the addition of the NAT CAT Risk Map to the highly successful NAT CAT Pack. Launched in 2011, the NAT CAT Pack suite of services includes access to ‘NATHAN’, Munich Re’s GeoSpatial Solutions’ natural hazards risks database.
Using CS STARS’ Enterprise technology, the NAT CAT Risk Map expands upon traditional risk management information systems and enables clients to record their global risk exposures on a single interactive map. Clients can then analyse their accumulative property and natural catastrophe hazard risks across their entire asset portfolios, including suppliers’ locations.
Caroline Woolley, Leader of Marsh’s Property Practice in Europe, the Middle East and Africa, commented: “Accurate natural catastrophe information is of paramount importance in determining risk mitigation, risk transfer and financing strategies. However, many modelling exercises are likely to be flawed from the outset, if firms fail to provide all the appropriate data and fully determine the precise nature and location of the natural catastrophe risks they face across their value chains globally.
“As well as having a negative impact on their risk management strategies, this may adversely affect insurance premiums at a time when businesses cannot afford to lose revenue. The NAT CAT Risk Map, as part of Marsh’s NAT CAT Pack, puts clients firmly back in the driving seat during renewal negotiations and should be the first step in establishing a best practice approach to managing natural catastrophe risks more effectively.”
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