ImageCat announced a new partnership with CoreLogic that will allow reinsurers to reduce the systemic risk of underinsurance. Through the partnership, CoreLogic's data and property insight into US property replacement cost values are available through ImageCat's inhance exposure management platform.
Incorrect property valuation is just one of many data problems that create significant uncertainty in reinsurers' understanding of property catastrophe portfolios. Other material risk factors include precise building location and use, as well as construction type. Incorrect valuation can lead to high losses and large uncertainties in catastrophe model output, which the insurers use for capital allocation.
"Alterative property valuation estimates are perhaps the easiest way for reinsurers to identify systematic underinsurance, which is a major problem in the industry," Charles Huyck, executive vice president of ImageCat says.
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