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It would be a missed opportunity for insurers to not leverage data when making risk selection and pricing decisions. (Photo: whyframeshot/Adobe Stock)

The loss response of a location exposed to a given peril can vary significantly, even when exposed to the same hazard. In this case study, we highlight the importance of utilizing risk characteristics to improve underwriting decisions and refine the technical pricing of flood and hurricane business.

Underwriting and pricing guidelines are often built and applied to locations based on their exposure to a given hazard. This determines which risks make their way into the in-force portfolio and at what price while simultaneously deciding on those that are left for someone else. We conducted an analysis that highlights how risk selection and pricing decisions can be enhanced by moving beyond hazard to leveraging vulnerability attributes, enabling insurers to create competitive advantage and outperform competitors.

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