PROPERTY LEVEL ASSESSMENT OF CLIMATE RISK AND IMPACT. WHAT ARE THE CORE REQUIREMENTS?
If you are a residential or commercial property insurer then take a look at this summary of the UK webinar (originally held during December 2022). We cover what the market view is in terms of reporting on climate-related risks, what the challenges are when it come to measuring impacts on existing books of business, and an approach to reporting that may just help you start that journey.
NEW RISKS AND MEASURES FOR PROPERTY IN A CHANGING CLIMATE
This blog is a summary of the webinar session held at the end of 2022. We look at use cases for different data types when determining residential rebuild costs and pricing risk, an approach to understanding the forward-looking impact of acute and chronic hazards on assets/properties and measuring climate-related impacts on existing books of business.
Gamma Location Intelligence provides software and data services to help insurers better understand location risks.
Instech’s Matthew Grant was joined by Richard Garry, Gamma LI’s Chief Commercial Officer, and CEO Feargal O’Neill for podcast 212. We recommend listening to the 30 minute podcast to get the full benefit of this discussion.
Gamma Location Intelligence and MGAM are supporting the Department for Levelling Up, Housing and Communities in the UK with a solution to provide Professional Indemnity Insurance to external wall system assessors. This partnership serves as part of Gamma’s ongoing growth strategy and continued international expansion.
PROPERTY LEVEL ASSESSMENT OF CLIMATE RISK AND IMPACT. WHAT ARE THE CORE REQUIREMENTS?
Insurers and MGAs are engaged on net zero journeys leading the way with positive policies to tackle climate change. One such requirement within ESG reporting is the measurement of risks and impacts that their property books face. This webinar explores some of the challenges and practical approaches taken to track and report on risks and impacts of property class assets.
NEW RISKS AND MEASURES FOR PROPERTY IN A CHANGING CLIMATE
Climate change is bringing new requirements for property-level data and models to better assess changing peril risks and climate impacts. What can insurers do in Ireland to address this challenge?
EVALUANDO LA VARIACIÓN DE RIESGO DE INUNDACIONES SOBRE BIENES INMUEBLES
Gamma Location Intelligence ofrecerá un webinar el martes 29 de noviembre para analizar las provincias con mayor riesgo de inundaciones en España.
A pesar de que el calor y la sequía han copado los titulares este verano, grandes regiones de España son vulnerables ante las inundaciones pero ¿cuáles son las provincias con mayor riesgo?
El riesgo de inundación en España implica una pérdida anual potencial de 178M€. Estos datos se desprenden del análisis que Gamma Location Intelligence ha hecho sobre los datos de Ambiental Risk Analytics en su plataforma Perilfinder™, plataforma que se está lanzando en el mercado español.
Gamma Location Intelligence is expanding its operations into international markets. The company has visualised Ambiental Risk Analytics data for Spain through its Perilfinder™ platform. The analysis reveals which provinces are most at risk of flooding.
InsTech’s Matthew Grant was joined by Gamma Location Intelligence’s Chief Commercial Officer, Richard Garry and CEO, Feargal O’Neill. The discussion includes the challenges of local address data in Ireland and the UK, measuring carbon emissions, creating complete crime data analytics from different sources and how they’re working with partners.
A recent story from Bloomberg looked at heat and cool islands in a range of global cities, from London and Seville in Europe to Delhi, Los Angeles, Melbourne and Fez in Morocco. Dublin didn’t make the list, but we at Gamma were able to map out heat islands and cooler areas in the city using Thermal Infrared Sensor (TIRS) data from Landsat 8.
Gamma will be integrating Sust Global’s data into its Perilfinder™ platform, enabling access for clients to worldwide, forward-looking climate change hazard maps and APIs. This will be the first time that Sust Global’s models will be available for insurers and banks on an underwriting platform like Perilfinder™.
Superscript delivers subscription-based policies and is transforming business insurance to meet the fast-changing needs of SMEs. Its advisory service, ‘SuperscriptQ’, helps high-growth technology businesses to secure cover easily. To support its offering, Superscript is also building an impressive partner network, having already joined forces with Virgin Money, Amazon and Starling.
Recommended Resources: Published materials relating to ESG, GHG, and the drive to Net-Zero. This “companion blog” provides links to published materials highlighted during the MGAA webinar in which Gamma – alongside partners at Sust Global and First Derivative – shine a light on climate change and the regulatory requirements to report on direct and indirect carbon emissions. A potentially onerous task for MGAs and insurers alike that we can help streamline.
ESG, GHG, the drive to Net-Zero… the focus on climate change and the regulatory requirements to report on direct and indirect carbon emissions for insurance businesses of all sizes is an onerous task. Gamma – alongside partners at Sust Global and First Derivative – participated in an MGAA webinar to shine a light on the topic and provide some guidance. This blog covers some of the key points raised.
Location intelligence firm Gamma has been changing the landscape of business. Here, CEO Feargal O’Neill maps out his journey in business.
An interview by John Kennedy, ThinkBusiness.ie.
Looking for better ways of assessing property risk..? Finding that implementing data and software solutions is overwhelming..? Then perhaps this brief review is the antidote you are seeking. At the very least, it might prompt you to get in touch and have a conversation. We always like to help. We don’t believe in making things difficult.
Sustainability and ESG is yet another topic that is overwhelming many organisations within the insurance sector. Knowing where to start and what good looks like in terms of driving towards net-zero from an investment and underwritten business perspective is hard. There was some great advice at the Sustainable Insurance Summit at the end of January 2022. Hopefully, this summary is helpful.
Insights are fuelled by data. Having trustworthy, accurate and consistent data helps market leaders to make better decisions. AddressLink is providing API access to hundreds of spatial datasets at the address level, all managed and curated by Gamma.
Climate change is already affecting our daily lives, but its effects upon the weather will become far more marked in the years to come. Property insurance premiums are affected by the impact that storms and wind speeds have on buildings and the built environment. However, the windstorm evidence and projections for the impact of climate change are not well developed. In this article, together with MetSwift, we explore the observed trend in strong wind events since the 1970s, using a 50 mph wind gust threshold.
GEOINSURANCE AND CLIMATE CHANGE: ADDRESSING TODAY FOR THE UNWRITTEN TOMORROW
Climate-related risk. Regulatory compliance. Cloud-based solutions. Data… data… data. It’s a lot to take on-board. Even more to understand how it can truly benefit your business. Some of the detail to get you started or help you on your journey is here. Helping you to address today for the unwritten tomorrow… might be simple conversation and the odd presentation away.
ADDRESSLINK: A NEW SINGLE-SOURCE PROPERTY DATA API FOR THE ISLAND OF IRELAND
Accessing property-level data has long been held as the dubious privilege of those with deep financial pockets – AddressLink has the potential to change that for any business with a desire to manage assets and data at such a granular level. Take a look at the rationale behind why Gamma has built this solution. Perhaps it’s time to consider a solution that might change the game for your business.
CLIMATE RISK, REGULATORY CHANGES & NEW DATA: WHAT’S THE FORECAST FOR IRELAND?
Climate change persists, and its impacts are more than environmental. It will continue to affect how businesses adapt and mitigate the risks they face. And whilst predictions have the potential to seem overwhelming – the key message for all is that the ability to assess changing risks and align with regulatory pressures is not insurmountable. Perhaps we can help you find an antidote in a sea of potential chaos.
GeoInsurance Ireland 2021 – Part 2
Insights are fueled by data. Having trustworthy, accurate and consistent data helps market leaders to make better decisions.
In this webinar, we will look at how AddressLink is providing API access to hundreds of spatial datasets at the address level, all managed and curated by Gamma.
Our knowledge of climate change is evolving all the time. In light of the COP26 conference in Glasgow, Gamma LI would like to bring our clients and partners up to date on climate change, what it means for the Insurance sector and what data is available now to help understand what the potential impact might be.
GeoInsurance Ireland 2021 – Part 1
In this webinar, we will look at the property risk on the Island of Ireland, the regulatory future of climate risk, and datasets that could help insurers and lenders in 2022.
BERWOW is already being utilised by An Post and SSE Airtricity. The online energy upgrade recommendation tool was the first of its kind to be developed in Ireland and now offers information based on specific buildings, as opposed to property types.
How has Covid-19 redistributed demand in Ireland? Where is COVID-19 having the greatest impact on daytime demand for goods and services in Ireland? Where has the loss of daytime workers and students had the greatest impact on local business? Gamma Location Intelligence has used its data banks to analyse the patterns emerging in this area and released research on the findings.
Michael will be responsible for leading the international expansion of Gamma Location Intelligence’s insurance offering. In particular, he will be overseeing the vertical growth strategy for Perilfinder – the company’s leading risk assessment, exposure management and reporting solution – across the insurance, MGA and mortgage lending industries in the UK.
Increasingly, insurers and financial institutions have to consider environmental factors and climate change which could have a major impact on their business and customers. In fact, we are reaching the point where extreme years of subsidence claims, such as 1990/1991, 1997/1998 and 2018, could become the new normal.
Are you facing a data-oriented challenge that you need to overcome before you can access the right data, at the right time, in the right way? Data and analytics projects can cause organisations more pain than they resolve. Yet sometimes all it takes is the involvement of a trusted partner who can help you see the wood from the trees…
Looking to understand the main pain points of businesses who use technology and data to make informed decisions, Jason Day has recently shared a poll on LinkedIn asking:
“When you are producing insight used for decision making within your business, which of the following always adds time into your process…”
The results show that inadequate data can be the root of many problems.
Richard Cantwell, Principal Consultant at Gamma, recently spoke to the Business Post about the science of where and the value of geographical data for industries like retail and insurance.
Over the last 16 months, there has been a huge shift in the daily lives of Irish people, with changes to how they behave, as well as where they move to and from. In fact, many continue to work or study (and spend) where they live.
Gamma LI is proud to announce that it has won the SME of the Year award at the Analytics & AI (Artificial Intelligence) Awards 2021. Hosted virtually by the Analytics Institute on the 17th of June 2021, the awards celebrate analytics-based and AI-driven innovation. Gamma LI was crowned SME of the Year by the judges in recognition of its demonstrated technological innovation and business acumen in a competitive market.
Gamma Location Intelligence provides insurers and MGAs with accurate location data to support underwriting decisions. Chief Commercial Officer Richard Garry joins Matthew Grant on Podcast 140 to discuss the key issues of concern to insurers, pinpointing risks through geocoding, and much more.
Gamma, the location intelligence company which provides risk assessment technology to Property & Casualty (P&C) insurance companies, predicts that it will generate €5.7 million in revenues in the UK market by 2025. This follows a deal the location risk solution provider has signed with MGAM, an industry leader which is transforming the landscape of the insurance market.
InsTech London’s latest report, ‘Location Intelligence 2021 – the Companies to Watch: Where, what and how risky?’, offers a comprehensive look at the technology helping insurers identify and manage risk, plus profiles of more than 50 companies that are leading the way in the provision of location intelligence.
Gamma Location Intelligence is pleased to announce that it has recently entered into a partnership with MetSwift. This new partnership will give Gamma’s customers access to MetSwift’s parametric weather risk insights through its Perilfinder™ platform.
Richard Garry talks to InsTech London’s Simon Fyles about location intelligence innovation, climate change risks, and how Gamma Location Intelligence helps insurers reduce risk by harnessing AI, data science and spatial analytics to produce solutions to geographical questions.
In terms of the economic impact of Covid-19, few would argue that the retail and hospitality sectors haven’t suffered most. And as with the pandemic itself, the retail categories with existing underlying issues are experiencing the severest impacts. Those with efficient store networks and established digital channels fared best. And the omnichannel balance will be just as crucial going forward.
Jason will be responsible for leading the company’s commercial team in EMEA, with a focus on location intelligence cloud-hosted tools and services. His role will oversee all aspects of business development in the UK market and further afield, including sales growth and account management.
Together, they have created Ireland’s first retrofit energy efficiency calculator, which shows Irish homeowners how to reduce energy usage and costs through retrofitting.
If you didn’t get the opportunity to check out the second GeoInsurance Ireland webinar, which discussed new data developments and the use of geospatial data in parametric insurance and motor fraud modelling, here’s a short overview. You can also watch it on-demand.
If you didn’t get the opportunity to check out the first GeoInsurance Ireland webinar, which focused on what’s new in geolocation for the insurance sector, and how advances in artificial intelligence are facilitating the development of new risk models, here’s a short overview. You can also watch it on-demand.
The effects of climate change on property and its potential impact on the insurance sector is a topic that concerns us all. But how can we start to quantify the potential cost of future property damage that these changes may bring, based on current data?
|n this Webinar, Gamma’s Richard Cantwell will present his recent white papers regarding the effects of climate change on property in the UK & Ireland and its potential impact on the insurance sector.
Britan’s climate is changing, and the effects will be widespread and varied across the country. We have worked closely with recognised experts in the domains of flooding and subsidence, Ambiental and Terrafirma respectively, to assess the impact of Britains changing climate on properties.
Gamma has agreed a partnership with Ordnance Survey (OS) to deliver the full set of data published by OS through its Perilfinder™ platform. This partnership will allow Gamma to move beyond open data, where greater accuracy is demanded. The full suite of OS datasets will help to enhance Gamma’s risk assessment offering and support its expansion into the UK market.
As climate change impacts make weather related events more frequent and severe, we may need to consider the scope of the traditional insurance indemnification model and perhaps consider alternative approaches such as parametric.
Gamma has integrated the BGS GeoSure Insurance Product range of subsidence datasets into their Perilfinder™ APIs and underwriting mapping solution to provide greater insights for their clients, as they continue their expansion into the UK market.
Gamma is today announcing a new partnership with UK-based flood risk data specialists, Ambiental Risk Analytics, which will help to enhance Gamma’s risk assessment offering and support its expansion in other markets, including the UK.
The Covid-19 pandemic has seen huge numbers of people poring over maps and graphs looking for more information about the spread of and trends in the viral outbreak.
The first GeoInsurance Ireland event took place last week on a rainy Thursday morning in the Marker Hotel in Dublin. Despite, or perhaps because of, the weather the turnout was excellent and the event was a great success.
Gamma has agreed a partnership with JBA Risk Management to deliver their European flood data through its innovative Perilfinder™ insurance platform. The deal will allow Gamma to roll out its platform to P&C insurance clients across EMEA and bring the fast, intuitive benefits of the combined solution to many more markets.
Almost every week, we hear about a brand restructuring its retail store network. Most are downsizing, or rightsizing, their physical store estates, but some are seeking to open stores. It is representative of the considerable changes occurring across the retail landscape today, particularly in relation to the location of retail assets.
Accurate profiles of income range at very small geographies are useful for so many aspects of decision-making, from targeting a direct-mailing campaign at the households most likely to respond, to expanding a store network into the affluent and under-served market gaps. This new release allows us to further refine our existing income model.
As consumers, we all want convenience; it makes our lives easier. Our pursuit of hassle-free shopping has led to the rise of online and click-and-collect channels, leaving bricks and mortar stores exposed. While they may offer the same products at a similar price, many of them are losing battle ground on the convenience front.
Any owner insuring property – including garages, sheds, outbuildings, gates and fences – must provide an estimate of the total cost to rebuild it from scratch.
Insurers operating in the competitive domestic market face a dilemma. On one hand, there is a desire to take on new business and serve existing clients better, on the other Insurers want to optimise their portfolio risk.
This time last year Met Eireann released three weather warnings, as eight counties faced the threat of flooding. With the April Showers approaching, it seems like a good time to assess the geography of flood risk in Ireland.
IHL Group, a global retail research firm, predicted that North American retailers will open 12,663 stores and close 8,828 stores in 2018, for a net increase of 3,835 store locations. The president, Greg Buzek, commented that restaurant retailers are experiencing some of the greatest growth.
Gamma is delighted to announce that we have been awarded ISO 27001:2013 certification. Information security and data protection are of supreme importance to organisations globally who are safeguarding both their customers and company data against potential threats.
As Black Friday – recognised as the beginning of the Christmas shopping season all over the world – approaches, the 2018 holiday season is already shaping up to be one of the best in years for Irish retailers.
During the night of Sunday 23rd September, a sinkhole opened up on the lands of Magheraclone GAA Club near Carrickmacross in County Monaghan. An immediate question is how susceptible the area is to subsidence.
Driven by increased expectations for transactional speed and quick and easy delivery options available online, the new consumer demands convenience. Services such as Amazon Go and “same-day” delivery satisfy this demand and will come to Ireland sooner or later. So how do Irish retailers compete?
Gamma recently carried out a large-scale data capture project which involved map digitising, quality control and data production for a client. We brought together the data creation capabilities of MapInfo Pro and the automation functionality of FME and delivered the project to spec, on time and within budget. To quote the client “we couldn’t be any happier with the quality of the mapping and service delivered”
As GIS systems become more widely used, there is an increasing demand for infrastructure to support them. The obvious way to extend processing capacity for GIS application is by scaling horizontally and simply adding more machines. Serverless technologies now offer a more beneficial alternative.
Traditional retailers are fearful that the disrupters may have finally worked out a way to solve the old dilemma – you can’t be quick and good and cheap. If queues are no longer needed, transactions instantaneous and quality product offered at a reasonable price (with lower operational costs) – can Amazon Go be Good, Cheap & Fast?
Last week some of our location analysis team were on location in London to attend an event run by our friends at Geolytix, who were marking the arrival of the Chinese New Year with an event that looked at retail location analysis across Europe and the Far East.
I’ve been optimising and analysing store-network locations for over twenty years and for the most part the requirements haven’t changed significantly. Typically, the analyst identifies the existing network, the target market segment and the desired travel time for customers. With a few other constraints, and using some smart statistics, geographic gaps are identified and ranked until you have your desired optimum target locations.
Retail location planning as a strategy has changed forever. It has become more complicated and more multi-dimensional and now requires a broader and more flexible view on the required retail presence. Those who are evolving quickest will be able to engage best with a generation for whom convenience, flexibility and service are paramount.
Wednesday 15th November, which was World GIS Day, saw the rescheduled GIS Ireland conference take place following its postponement in October due to Hurricane Ophelia. The irony of an event themed on Climate Change being postponed due to Climate Change was not lost on the conference organising committee who had to make the difficult but correct decision to call the event off last month.
Last week, following the publication of Census 2016 Small Area Population Statistics, we have released a map of Ireland’s 2016 population as a line chart. We added some history to last week’s population map, by comparing the figures from Census 2011 with the figures from Census 2016. We used colour to highlight changes of more than 100 people or more than 5% of the 2011 population.
The detailed Census 2016 Small Area Population Statistics are out today. We are digging through the data now, and in the next few days, we will begin updating our models and analytics engines with this new data. We will also be pointing out some of the more interesting, useful and surprising results from this data release in the upcoming days.
The CSO published more Census 2016 data last week, Profile 3 – An Age Profile of Ireland. At Gamma, we are eagerly awaiting the publication of all the other census data at the extremely detailed Small Area level which is due later this month. In the meantime, this publication contains a range of interesting trends and insight into Ireland’s rapidly changing demographics.
This article focuses on two questions. The first is how this risk of road accident is distributed across the country, and the second is how – and where – the new information available from Census 2016 informs and updates our judgement of risk.
The 2015/2016 Household Budget Survey was released by the CSO yesterday, 21st June. Based on thousands of detailed expenditure diaries carried out over a year, it is used to update the basket of goods, and the item weights, that comprise the Consumer Price Index.
The summary results of Census 2016 – Part 2 which looks at social and economic topics were released by the CSO yesterday. There’s lots of detail in the 70 odd pages of analysis and statistics, but I’ve chosen just a few key figures that took my attention.
A year after it was conducted, publication of the 2016 Census is underway, with Part 1 of the summary results published in April, and Part 2 released today. The full publication schedule can be seen on the CSO website. At Gamma, we make extensive use of Census data. It is a key dataset for our Storecast™ systems, we rely on it for Location Profiling and is used daily by our consultants.
The retreat was focused on driving standards and helping retailers maximise their potential. With over 20 years of experience in formulating and applying location intelligence strategies in the retail sector, Gamma was exhibiting in the Enterprise Ireland Tech Village, showcasing Storecast™, a new concept in end-to-end store location analytics and reporting.
Perilfinder™ allows the underwriter to work faster and with greater flexibility, it also ensures a greater confidence when writing new business. The 2.0 version, released today, provides enhanced reporting and data analytics, and is set to be a key differentiator in the way insurers operate!
The new tech-savvy consumer isn’t happy. He wants a better experience in physical stores as his expectations have risen due to conditioning from online retailing. He wants instant gratification. He demands faster transaction times (far less queueing) and better interactions/service from the shopping trip. His online shopkeepers know his name and his likes.
Perilfinder™ was developed to transform and reinvent the underwriting process. The software empowers underwriters through an accurate real-time detection of fraud and risk. With the granularity of the risk analysis, better management of accumulations and greater consistency in the decision-making process, insurers can greatly improve their portfolio value.
We have recently welcomed the new year, and this means it’s time for the launch of the latest version of Storecast™! There has been a lot of work put into the 3.0 release to make your customer data count and drive the business growth. Storecast™ offers a completely new approach to developing and managing your retail assets. It is designed to fulfil three key requirements in the life cycle of your store network namely planning them, promoting them and protecting them.
The recent publication of the Residential Property Price Index by the CSO is notable for a number of reasons. The revised methodology for generating the dataset has provoked much discussion, and the interactive tool looks useful. One facet of the data which is of particular interest to those working in the field of Location Intelligence is that the data is available for a number of geographies, including by Eircode Routing Key.
Your customers are important to you, everybody knows that. What everybody is trying to figure out is how to find out who your customers really are and how you can use that information to make your business more attractive to delight your customer base.
I have been analysing retail networks for over 20 years and what I’ve learned is that location is indeed the single most important factor but its relative importance is determined by the type of store. Retail analysts should always think about the shopper first and how they behave. Most shoppers are fairly predictable.
Gamma has recently launched a new product, Storecast™, which is a new concept in end-to-end store analytics. From identifying suitable locations for new store openings and refurbishments to driving business to existing stores, Storecast™ offers the retailer an enterprise solution to ensure success and efficiency for their chain.
The approaching Census 2016 survey is most interesting – for demographic analyst bores like me anyway. Think the level of excitement that a quinquennial Star Trek conference (with William Shatner present) would generate for Trekkies and you come close to understanding the anticipation and trepidation involved.
The Irish Government’s call to the Insurance industry to provide cover for properties located in high flood-risk areas in Ireland is a little surprising. Insurance is a promise of compensation for specific potential future losses in exchange for a periodic payment. The key word here is “potential”.
If you work in or for the insurance industry, you have probably been affected in some way by the vast information requirements of the Solvency II directive. Primarily, Solvency II seeks to calculate the amount of capital that EU insurance companies must hold to reduce the risk of insolvency.