Nick Hassam

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Nick Hassam[/vc_column_text][/vc_column][vc_column width=”2/3″][vc_column_text]

Presentation:
Uncertainty in Insurance and the role of Spatial Information

Nick Hassam, Director – Risk Spatial 

STREAM: PROTECT

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5 Things You Will Learn

  1. The effect uncertainty has on the insurance market
  2. The contribution of spatial information to uncertainty in the insurance market
  3. The relationships between spatial uncertainty, cost and insurance price
  4. How the spatial industry can help reduce uncertainty in insurance
  5. What the effect of reducing spatial uncertainty will have on the insurance market

Target Audience

– Data creators
– Remote sensing and surveying companies
– Data custodians
– All tiers of government and commercial data providers
– Organisations with significant insured assets
– Engineering and environmental consultancies who perform hazard analysis
– (Re)Insurance companies and intermediaries

Presentation Overview

Uncertainty in the insurance industry has a direct effect on the pricing of premiums for all parties in the supply chain. When considering the vast amount of spatial information that is incorporated into the insurance risk rating method, the availability, quality and processing of this data will have significant input into the development of premium price.

The advancement of probabilistic risk assessment – in particular for the understanding of natural and man-made catastrophes – utilises significant volumes of spatial information. Relying upon this data is a risk evaluation process that deals with uncertainty in a conservative manner. Within this insurance premium rating process there exists a triumvirate of complex relationships involving the uncertainty of spatial information, the cost of that uncertainty and the resulting price mechanisms to deal with ambiguity.

There are a number of ways in which the spatial industry as a whole can help to improve the information and processes that are involved to reduce uncertainty. Of primary importance is the improvement of both supply and quality of spatial information used to augment the insurance industry’s risk rating approach. In particular ensuring the timely availability of government information of relevance to catastrophic events, as well as the opportunity for commercial data suppliers to develop new and novel datasets. The outcomes of these improvements are a reduction in the uncertainty in the insurance rating process, and a more efficient distribution of prices across the market.

Biography

As founder and director of Risk Spatial Nick has a professional career spanning more than 17 years, providing managerial, consultancy and technical expertise to a range of organisations and industries in the field of spatial science. Nick’s experience has covered work in the Australian and UK markets for the world’s leading reinsurance brokers, insurance underwriters, spatial software vendors and all levels of government. As an authority in spatial information science and the application of geospatial technologies in the commercial sector, Nick’s work has focussed on the use of spatial science to better understand natural and man-made catastrophes for the insurance industry. Nick holds a Diploma of Applied Science (Spatial Information Systems) from the University of South Australia, a Master of Science (Geographic Information Science) from the University of London and a Master of Business Administration from the University of Adelaide.

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