In this interview I speak with Giorgis Hadzilacos, Senior Catastrophe Risk Analyst and Flood Specialist at Willis Re Analytics.
He outlines how the use of analytics can help insurers to qualify risk, understand where it lies and to see how frequently they might get impacted.
He said: “I mainly focus on catastrophe risks, such as earthquake, floods and tsunamis, which tend to affect exposures in categories such as property or marine. It’s my job to put a number on the potential frequency and severity of a risk.”
While analytics has progressed exponentially in recent years, it has been a factor in the insurance market right from industry’s earliest days, according to Hadzilacos.
“Analytics is just a piece of information that allows a person to make an informed decision about insurance. If we go back a couple of centuries, early underwriters of ship cargo would want to know information about the captain of the ship: was he any good? What’s his track record? How often does his boat receive maintenance?”