Guidewire's Comprehensive Hurricane Risk Data for Insurers
Guidewire Unveils Essential Hurricane Risk Data and Maps
Guidewire (NYSE: GWRE) has launched a significant data service aimed at detailing hurricane risk across the United States. This service encompasses critical maps and risk scores based on extensive evaluation of hurricane threats at various levels, including national, state, and local. By utilizing a comprehensive set of over 1,000 data points from HazardHub, Guidewire equips insurers with crucial insights into both climate risks and extreme weather phenomena.
Top States Vulnerable to Hurricane Risks
Numerous states in the U.S. face heightened hurricane risks. According to the Guidewire HazardHub Hurricane Risk Model, properties in the following states are particularly prone to hurricane damage, with many rated as having high "D" or very high "F" risk levels:
States at High Risk
1. Florida
2. Louisiana
3. South Carolina
4. Texas
5. Mississippi
6. North Carolina
7. Delaware
8. Georgia
9. Alabama
10. Virginia
These states' vulnerabilities are shaped by several factors such as geographical location, coastline proximity, and the frequency of tropical weather events.
Storm Surge Vulnerabilities
In addition to hurricane risks, some states face significant threats from storm surges. The HazardHub SurgeMax Storm Surge Flooding Model indicates the percentage of housing units at high risk of storm surge flooding as follows:
Storm Surge Risk Percentages
- Louisiana: 52%
- Florida: 34%
- South Carolina: 21%
- Delaware: 20%
- Virginia: 13%
- Mississippi: 9%
- North Carolina: 7%
- Texas: 5%
- Georgia: 4%
- Alabama: 3%
HazardHub's Storm Surge Score is a vital tool for insurers, helping them evaluate and manage storm surge flooding risks associated with hurricanes, especially in coastal regions. This scoring system takes into account historical storm surge data and geographic features to forecast potential severity.
Florida and Louisiana: The Most Affected States
Florida stands out with approximately one in three homes—nearly 3 million—vulnerable to storm surge flooding due to hurricanes. Furthermore, Louisiana, notorious for its second-highest hurricane risks, shows that around 52% of its homes—around 910,000—are at risk of storm surge flooding.
The unique geography of Louisiana exacerbates its risks. This state, located adjacent to the warm Gulf of Mexico waters, suffers from low elevations, flat landscapes, and the waning number of protective wetlands. The environmental issues, particularly in the Mississippi River Delta, have made this area especially prone to flooding.
Improving Understanding of Hurricane Risks
Informative insights into hurricane risk are essential for property owners and insurers. Christina Hupy, Vice President of HazardHub at Guidewire, emphasized the importance of understanding risk factors in underwriting decisions. She stated, "HazardHub allows insurance companies to gain an in-depth understanding of a property’s climate and hurricane risks, which leads to more tailored insurance solutions. This, in turn, helps property owners prepare and mitigate their own risks effectively." Through precise data analytics, insurers can better navigate coverage options and emergency planning.
Access to HazardHub’s Data
The Hurricane Risk Scores and additional detailed data are available to insurance providers via Guidewire's PolicyCenter and InsuranceNow tools, as well as through the HazardHub API. Homeowners looking to gauge the risks associated with their properties can access this information via dedicated platforms.
About Guidewire
Guidewire is recognized as a leading platform trusted by property and casualty (P&C) insurers for engagement, innovation, and efficiency in operations. With over 570 insurers across 42 countries relying on its products—from startups to some of the largest global insurers—Guidewire continues to spearhead advancements in the industry. The platform enhances core systems with data analytics, AI, and a cloud framework that redefines industry standards.
Known for an impressive implementation track record, Guidewire supports its extensive R&D team and numerous strategic partnerships with successful and innovative projects. Through its extensive marketplace, clients can access various applications that facilitate integration, localization, and continuous innovation in P&C insurance.
Frequently Asked Questions
What is the primary focus of Guidewire's new data service?
Guidewire's new service focuses on delivering critical hurricane risk data and maps to improve risk assessment for insurers.
How many states are identified as having high hurricane risks?
Ten states are identified as having significant hurricane risks based on the analysis of potential property damage.
What percentage of homes in Florida are at risk of storm surge flooding?
Approximately 34% of homes in Florida are at risk of storm surge flooding from hurricanes.
How does the HazardHub SurgeMax Score benefit insurers?
The SurgeMax Score helps insurers assess and manage the risk associated with storm surges effectively by evaluating historical and geographic parameters.
Can consumers access their home’s risk information?
Yes, consumers can learn about their home’s risks by accessing dedicated platforms provided by Guidewire.
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