25 February 2014News

Guy Carp cat service to gauge flood losses

Guy Carpenter launches GC CAT-VIEW, a satellite-based catastrophe evaluation service, currently being used to provide initial insured loss estimates to clients affected by the UK floods.

The new service, provided through partnership with geo-information services provider Geospatial Insight Limited, analyses a range of inputs including satellite and radar imagery, ground survey data and social and mainstream media coverage. Guy Carpenter expects to use the service to conduct rapid loss assessments for major catastrophes—the company expects loss estimates to be available within days.

Vic Jenkins, from the newly created International Strategic Advisory team and Head of Analytics for UK, MENA and South Africa at Guy Carpenter, says: “previously, establishing a reliable flood extent would have taken a considerable amount of time and required significant expense to compile and verify the necessary data. Using the latest imaging and analysis technology, we can respond quickly to a catastrophe event, providing our clients with robust information to help them plan and respond in a matter of a few days following the deployment of GC CAT-VIEW.”

Nick Frankland, CEO of EMEA operations at Guy Carpenter, says: “we are delighted to be able to deploy our new GC CAT-VIEWSM capabilities to assist our clients in quantifying the impact of the worst flooding experienced in the UK since 2007.”