- Lloyd's Brussels office officially opens for business ready for Brexit
- World Economic Forum's Regional Risks for Doing Business report indicates significant differences in risk perceptions across the eight regions covered-cyber attacks heads most developed regions
- IAIS concludes 25th annual Conference-“We are now beginning a pivot to a greater focus on emerging and accelerating trends impacting both our developed and emerging market Members, including FinTech, cyber risks, climate risk and sustainable development challenges" says Secretary General.
- Pool Re publishes its annual Terrorism Threat & Mitigation Report focusing on the key terrorist events and developments in 2018
- Marsh-JLT Specialty formed
- Allen to chair LMA Finance Committee
- Oman joins IAIS Multilateral Memorandum of Understanding (MMoU) expired
- InsurTech Iotatech raises £1m in second round of funding expired
- Startupbootcamp InsurTech appoints Manjit Rana as managing director for Corporate Innovation in Insurance expired
- RSA to restructure its specialty and wholesale business on a more focussed basis expired
- Sedgwick acquires Irish loss adjuster expired
- AXIS Capital estimates Hurricane MIchael losses at $100-120m expired
17th October 2018
LMA’s satellite imagery and intelligence service speeding up assessment and payment of Hurricane Florence and Michael claims
Lloyd’s managing agents have now begun assessing and paying claims to policyholders affected by hurricanes Florence and Michael, enabled and supported by the LMA’s satellite imagery and intelligence service.
The service, now used by all Lloyd’s managing agents, provides ‘ground truth’ in the immediate aftermath of major claims events via detailed satellite imagery and radar. Service usage has increased by 75% since the 2017 hurricane season as it allows carriers to make desktop adjustment decisions far quicker than was previously possible.
By enabling faster initiation of cat response plans, managing agents are able to be pro-active with insureds, TPAs and coverholders far sooner. First triggered by Hurricane Harvey in 2017, the service makes desk-top images and reports available to users from a dedicated satellite and local CCTV, social media and a range of other sources.
Lee Elliston, claims director at the LMA, comments “The service is providing insurers with a real edge over global competitors, with many grasping the opportunity to use it to make swift decisions and payments. Service improvements, such as clearer, more robust on-the-ground intelligence, have enabled claims teams to be on the front foot far quicker this hurricane season, in a tangible demonstration of Lloyd’s and wider-market efforts to truly modernise coming to fruition. By enabling faster response times, this technology is delivering benefit direct to customers and reputational advantage for Lloyd’s.”
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