On 27th August, one of the most significant storms of 2020, Hurricane Laura, made landfall
across southwest Louisiana as a category four storm with 150 mph winds. By 27th
October, Cat.1 Hurricane Sally, Cat.2 Hurricane Delta and Cat.1 Hurricane Zeta made
landfall over Louisiana. Risk carriers needed to understand their total exposures and
damage associated with each event.
Solution - REACT Pre/Post-Event Analysis
- Early warning and aggregation analysis in advance of each hurricane, empowering decisions to prevent or limit the impact of the CAT events
- Global weather and event alerts with historical & predictive tracking
- Track all static and moving assets including vessels, properties, and infrastructure to estimate immediate exposure
- Skytek’s proprietary technology utilising Earth Observation (EO) imagery merged with machine learning was used for rapid pre/post-event loss analysis
- Using satellite imagery and Machine Learning (ML) supported analysis, the system allocated the losses to each triggering CAT event accurately
- This information helps claims’ validity and provides a powerful visualisation tool.
RESULT
- Pre-event alerts and asset tracking allows insurers to track assets within high-risk areas likely to be heavily impacted by the severe weather event. This allows users to purchase additional reinsurance in advance of
major events - Utilising Earth Observation (EO)imagery and machine learning, insurers and reinsurers have access to automated total loss valuations and can expedite the claims process following the loss event
- The information provided by the system supports an efficient understanding of the damage associated with each event
