Page 18 - Insurance Times August 2021

Cover Story

TROPICAL CYCLONE :

A CHALLENGE TO

INSURANCE

INDUSTRY - GIS

TECHNOLOGY A

SOLUTION

T ropical Cyclones/Hurricanes are location specific. In exposure and also share its huge claims experience in risk

reduction, risk control, loss prevention and disaster
an article in June 2021 issue of Insurance Times, a
new web application TROPCYC for Risk Assessment
of Tropical Cyclone for India specific was management.
introduced. Looking at the rapid climate change forecasted Insurance Industry has to use its claims experience over the
by the scientists, accepted generally by International years, absorb the knowledge & advances in the field of
Community (Paris agreement), General Insurance Industry meteorology, climate change models, advances made in
world over must be prepared to meet the challenges of structural engineering to build structures suitable to face the
higher frequency & intensities of cyclones than experienced fury of high Wind speeds/Flash floods/Storm Surge hazards
till now. To meet the challenges, the General Insurance of the Tropical Cyclones and the new technologies such as
Industry has to first accept it and then find ways to protect Geographical Information Systems (GIS) to deliver their
their customers with optimum premium based on their risk customers Insurance Products & Services on a real time basis.

About the author The Insurers are covering the Tropical Cyclone catastrophes
since the birth of the Insurance in UK. The Underwriter in
Shreenivas Kulkarni the last century or earlier covered the risk on information
Chartered Insurance Practitioner given on a slip from the Insurance Broker. There was no
Consultant, Unity Geospatial LLP knowledge on potential damages/claims to be paid in the
contact.tropcyc@unitygeospatial.com absence location knowledge of the Tropical Cyclone Hazard.
We are now in 21st century in a global economy connected
Dr Shrikant Gabale with fast telecommunication, 5G Internet and vast &
Director exploding knowledge in all fields. We are better equipped
Unity Geospatial LLP
shrikant.g@unitygeospatial .com to face the challenges today provided we use the knowledge
available. Let us identify the challenges:

18 The Insurance Times, August 2021