Data services provider emapsite has launched a geocoded perils model enabling insurers and underwriters to assess the subsidence risk for every property in the UK.
Subsitree, available as a discrete data set and through an on-tap location content platform, gives a detailed perspective into the distribution of risk based on the latest soil type and tree data.
The new model has been created through close working with insurance sector clients. Built-in flexibility means properties can be analysed through a choice of address-point data and individual building or property footprint.
Simon Goodwin, emapsite’s Business Development Manager for the banking, finance and insurance sectors, said: “Subsitree has been purpose-designed to provide a more granular level of risk insight for insurance clients, moving away from postcode-based analysis to property level, driven by the fact that up to 70% of subsidence claims are tree-related.”
“Its currency and level of detail means insurers can enjoy greater confidence in the rationale behind decisions on risk selection, valuation, pricing and accumulations.”
“They can also realise business value from shorter quotation times and, because it is a hosted solution, they no longer have to manage their own potentially costly data stacks and IT deployments.”
Subsitree includes the most up-to-date National Tree Map data, showing the trunks, crowns and canopies of trees. Also involved is soil type data, including on clays and sand, from the leading providers of geology data.
Underpinning the product are IT system-ready property reference tables. These contain a normalised risk score for each address enabling insurers to enhance their existing view of high and low risk areas and adjust their underwriting and claims policies accordingly. It also provides insight into areas where insurers have little or no claims data, allowing them to refine their underwriting in all areas.
Mr Goodwin added: “Subsidence involves underlying earth movement as distinct from property settlement which is generally indicative of poor design or construction. As climatic changes grow more and more unpredictable, both locally and globally, issues around underlying ground stability, planning history and historic land use will continue to impact on insurance-related decisions.”
Subsitree is the latest in a growing suite of peril modelling data on the emapsite platform gathered from a mix of licensed, open and proprietary sources.
In September 2015, emapsite launched a property crime dataset highlighting a normalised risk score per postcode for burglary, arson, criminal damage, vandalism and theft.
A property-level flood risk model, covering river, coastal and surface water, is also available.
For more information on emapsite services for the insurance sector, visit www.emapsite.com.