Page 21 - RMAI Bulletin July - September 2021

RMAI BULLETIN JULY TO SEPTEMBER 2021

TROPICAL CYCLONE :

A CHALLENGE TO

INSURANCE

INDUSTRY - GIS

TECHNOLOGY A

SOLUTION

T ropical Cyclones/Hurricanes are location protect their customers with optimum premium based

specific. In an article in June 2021 issue of
on their risk exposure and also share its huge claims
Insurance Times, a new web application
TROPCYC for Risk Assessment of Tropical experience in risk reduction, risk control, loss
prevention and disaster management.
Cyclone for India specific was introduced. Looking at
the rapid climate change forecasted by the scientists, Insurance Industry has to use its claims experience
accepted generally by International Community (Paris over the years, absorb the knowledge & advances in
agreement), General Insurance Industry world over the field of meteorology, climate change models,
must be prepared to meet the challenges of higher advances made in structural engineering to build
frequency & intensities of cyclones than experienced structures suitable to face the fury of high Wind
till now. To meet the challenges, the General Insurance speeds/Flash floods/Storm Surge hazards of the
Industry has to first accept it and then find ways to Tropical Cyclones and the new technologies such as
Geographical Information Systems (GIS) to deliver their
About the author customers Insurance Products & Services on a real
time basis.
Shreenivas Kulkarni
Chartered Insurance Practitioner The Insurers are covering the Tropical Cyclone
Consultant, Unity Geospatial LLP catastrophes since the birth of the Insurance in UK.
contact.tropcyc@unitygeospatial.com The Underwriter in the last century or earlier covered
the risk on information given on a slip from the
Dr Shrikant Gabale Insurance Broker. There was no knowledge on
Director potential damages/claims to be paid in the absence
Unity Geospatial LLP location knowledge of the Tropical Cyclone Hazard. We
shrikant.g@unitygeospatial .com are now in 21st century in a global economy

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