Lloyd’s Underwriter’s Review of Value.Space

Key takeaways

• Value.Space is hugely valuable with the way that they’re using satellites to assess dams as they’re able to perform risk assessments in a way that we haven’t ever been able to do before.

• There’s a huge amount of demand for new ways of assessing risk on the back of climate change as we’re living in a rapidly changing environment and the standard modelling tools that we have used in the past that have used historic data just can’t keep up and keep pace with the way that the world is changing. So, we have a challenge how we can assess the risks and in addition to that we have emerging risks.

• We’re seeing new risks that we’re not used to underwriting; things like hydropower, new push from the mining industry where they’re having to extract the different minerals and metals that are required.

• Value.Space's tool gives us a real-time view, where we wouldn’t normally have that and not only is it a real time view, it’s a view of millimetre type movements in the dam so it’s a really in depth, very up to date assessment. We are moving to a world where we are seeing more use of dams e.g. hydropower; tailing storage facilities that are used in the mining industry. This is going to become increasingly important because these dams can create huge manmade catastrophe events if they fail.

• The tool is user friendly, intuitive and gives fantastic detail to underwriters that enables them to use their underwriting abilities to interpret the data and challenge it where they might have a slightly different opinion.

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