Actuarial and underwriting support
- Generate loss estimates to support financial planning
- Implement moratoriums on new policies
- Provide boards with up-to-date information about the expected size of losses
- Allocate appropriate resources to rapidly settle claims and support customers
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As part of Previsico’s participation in the Lloyd’s Lab, a framework was developed to support underwriters in improving their loss ratios by taking consideration of the ‘preventability’ of flood losses when insureds are provided with Previsico’s actionable flood warnings. This report outlines the performance of Previsico’s forecasts showing a 96% coverage of observed flooding.