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Assessing Climate Risk with Spatial Analysis on AWS
Introduction
- The presentation will cover the topics of geospatial analytics, satellites, and climate/physical risk assessment for insurance underwriting.
- Speakers include Marco Masola (AWS Partner Solutions Architect), Tracy Reid (VP of Private Flood Insurance Division at Tokyo Marine Highlands), and Javier deOr (Founder and Chief Strategy Officer of Carto).
Extreme Weather Events and Economic Challenges
- The world is witnessing an increase in extreme weather events, creating greater economic burden on society.
- Since 2000, there has been a 3x increase in asset losses due to extreme weather, with over $100 billion in losses annually in the US alone.
- This is driving the need for proactive measures to secure properties using advanced models to assess risk.
Insurance Risk Intelligence and Geospatial Technology
- Insurance risk intelligence involves integrating real-time storm tracking and advanced climate models to quantify the impact of severe storms and long-term weather patterns.
- Geospatial data, including maps, remote telemetry, and third-party datasets, is integrated with insurance risk intelligence to understand the impact on physical assets.
- AWS and Carto, a geospatial cloud-native analytics platform, support this integration and analysis at scale using services like Amazon Redshift and Amazon SageMaker.
The Role of Geospatial in Insurance at Tokyo Marine Highlands
- Tokyo Marine Highlands is a Managing General Insurance Agency focused on delivering creative solutions for complex insurance risks.
- They use geospatial analytics to refine underwriting processes, track storms in real-time, and manage their portfolio and tail risk.
- Examples include underwriting risk assessment maps, live storm tracking, and portfolio management using the H3 hexagonal grid system.
Modernizing the Geospatial Technology Stack
- Many organizations struggle with geospatial data being siloed and disconnected from the rest of their analytics.
- Carto's vision is to "break the GIS data silo" by enabling organizations to move their geospatial analytics to the cloud and integrate it with their broader data and analytics.
- Carto provides cloud-native capabilities, including scalable data handling, improved data visualization, and seamless data enrichment and integration.
Real-time Geospatial Analytics and AI-powered Insights
- Carto showcases the ability to perform real-time analytics by connecting to live data sources and updating dashboards and models automatically.
- The introduction of Carto AI Agents demonstrates the potential to democratize geospatial analytics by allowing users to interact with maps and data through natural language queries, with the AI controlling the visualization and analysis.
Conclusion and Next Steps
- The presentation highlights the increasing importance of geospatial analytics and climate risk assessment across various industries, including insurance, telecommunications, healthcare, and public sector.
- Attendees are invited to explore Carto's offerings and join the "Geo Party" event for further discussions and networking.
- The presentation also mentions recent AWS announcements, such as support for Iceberg tables on S3, which can further enhance geospatial data architectures.