Munich Re partners with GIC consortium on catastrophe damage analytics - Reinsurance News

Munich Re has announced a new partnership with re/insurance industry consortium the Geospatial Intelligence Center (GIC) to provide its members with access to automated damage classification analytics following major catastrophe events. The GIC provides its members with access to imagery and data that enhance underwriting assessments, expedite claims, and improve fraud detection following hurricanes and other disaster events. By collaborating with Munich Re, the consortium will now be able to provide its members with a damage assessment heat map layer to complement its imagery and improve situational awareness post-disaster. Munich Re's analytics solutions can process the GIC's aerial imagery with machine learning models to detect building shapes and damage to individual properties, as well as to impacted geographic areas at large. In the lead up to a catastrophe event, the reinsurer's model can also predict estimated losses using data on property characteristics, weather forecasts, and weather stations.