In July we invited a select group of our insurance customers to join us aboard HMS Belfast in London for our first customer forum. Our aim for the forum was to share best practice of using mapping and addressing data for underwriting property insurance, whilst at the same time allowing the attendees to not only meet and network with peers, but also share discussion on key points bought up by the presenters. The format seemed to work – with customers welcoming the debate and discussion the agenda offered.
Guest post by Miranda Sharp, Head of Commercial Business, Ordnance Survey
The industry and the Government have been working tirelessly over the past 24 months to agree the replacement for the Statement of Principles that allows affordable flood cover for all. However, now the Water Bill has received Royal Ascent; the real hard work is about to begin on Flood Re as the enabling legislation is in place. The Flood Re scheme will allow owners of flood-prone homes to buy affordable insurance, where annual premiums will be capped and payouts for flood damage will come from a central pool of money. Homeowners will continue to buy home insurance in the normal way through insurers or brokers, but their insurers may choose to include their homes into the scheme.
The industry, politicians and the media have been discussing some of the exclusions at length, including the Association of British Insurers (ABI) putting a case for the inclusion Council Tax Band H properties. In light of this discussion, Ordnance Survey, in conjunction with POST have commissioned a report find out where concerns with Flood Re lie. The research asked a range of experts across the insurance market along with 120 professionals for their views on Flood Re.
Today’s guest blog was written by Jamie Gibbs, who writes for the home insurance experts at Confused.com. After successfully safeguarding his house from a two-week deluge, he flooded his kitchen by leaving the sink running.
It’s estimated that one in six properties in the UK is at risk of flooding, either from nearby rivers or from the sea. With the devastating effects that floods can have on our infrastructure, our homes and our livelihoods (as seen over the Christmas period), there is a need to bolster our defences and take extra precautions.
According to the Environment Agency (their flood risk map is shown below), during the summer of 2007 (one of the worst floods in recent memory) 48,000 homes were damaged, with the average repair cost coming in at about £20,000-£30,000 per house.
Richard Brocklebank, Business Development Manager, Ordnance Survey
Last week over 190 industry professionals got together to hear the latest on flood risk and data available to help understand and manage it at a collaborative event organised by Ordnance Survey, Environment Agency, Met Office and British Geological Survey. Our vision for the event was to bring together data creators, application providers, insurers and brokers in one room, with the aim of facilitating discussion and working together to better manage the problem of flood risk across the UK. Through this the industry would gain a greater understanding of the scale of the flood risk problem and available data to help them with their work.
In this video case study, we look at how insurance companies can use Ordnance Survey data to manage their policies and monitor their exposure, and how they can make informed decisions about their spread of risk. Using this information, they can then offer tailored premiums to individual customers.
To find out more about how Ordnance Survey data can be used, visit our case study finder.
In this video case study we explain how Ordnance Survey data was used to prove that claims for a whiplash injury during a bus accident were fraudulent. Our analysis found that the majority of the claimants (who claimed to be travelling home on the bus at the time of the accident), lived miles away from the bus route – and there was in fact another bus route closer to their homes.
To find out more about how Ordnance Survey data can be used in the fight against insurance fraud, visit http://www.ordnancesurvey.co.uk/oswebsite/business/financial-services/applications/insurance/fraud.html
This week was the prestigious Insurance Times Awards and a couple of the Ordnance Survey team were lucky enough to go along to meet up with some of our key customers and industry contacts. Attended by over 1400 insurance industry professionals, it’s one of the largest events in the Insurance industry’s calendar. We’ve been supporting the awards, which celebrates and recognises the best of the best in the industry for two years now by sponsoring the award with the highest accolade – the Chief Executive of the year as recognised by their peers, fellow Chief Executives.
Flooding has featured in the news regularly over the last few years, Boscastle, Cockermouth and Bournemouth to name a few examples. I wanted to share with you how Ordnance Survey can help with flood relief operations and working with The Environment Agency, to provide a flood risk application.
In August 2004, Boscastle in Cornwall was badly effected by a flood that cause major damage through the town. 75mm fell in the space of two hours, the average rainfall for the whole of August alone. The sudden deluge caused two nearby rivers to burst their banks and a torrent of water to sweep through the village’s main street
Cockermouth in Cumbria saw water levels rise to about 2.5 metres in November of 2009. The heavy rainfall caused the rivers Derwent and Cocker to burst their banks; both the rivers meet in the town of Cockermouth where torrents of water carried cars and debris away
A few weeks ago, I came across this article from the Australian news site ‘news.com.au’ entitled: ‘Bad maps reason for lack of flood insurance.’
It reports on how an Australian company was unable to offer some Queenslanders flooding insurance because the mapping available to them lacked detail and accuracy.
Insurance Australia Group Chief Executive Michael Wilkins is reported as saying: “Had better quality flood maps been available more insurers would have offered flood insurance in Queensland,”
“Basically, flood mapping data is the province of local councils and some of those councils simply don’t have the data available to them or have been unable to provide that information to the industry.”
“Without that information we can’t assess the risk and hence can’t price the risk.”