TerrorRisk launched

Pitney Bowes MapInfo, the provider of location intelligence, has aligned with Exclusive Analysis, the strategic intelligence company, to provide the insurance industry with TerrorRisk, a terrorism risk assessment tool.

TerrorRisk, combining Exclusive Analysis’ terrorism forecasting with Pitney Bowes MapInfo’s location intelligence, employs fact-based, location-specific metrics developed by Exclusive Analysis to score the maximum likely severity of violent risks to more than 3,700 global points of interest.

The tool provides insurers and risk managers with the means to evaluate terrorism risk exposures worldwide on a building-by-building basis, across target types and by desired political or geographical boundaries—such as city, country or postal code.

Simon Sole, chief executive of Exclusive Analysis, said: “Terrorism is a paramount global concern for businesses such as insurance agencies. Exclusive Analysis’ risk assessment delivers targeted and actionable forecasts to help maximise opportunities and mitigate risk. Our insight coupled with Pitney Bowes MapInfo location intelligence equips insurance professionals with a complete view of their overall risk environment, enabling well-grounded business decisions in underwriting and reinsuring.”

TerrorRisk delivers trusted terrorism risk analysis, classifying targets by name, address and target class. The data set includes locations considered by Exclusive Analysis to be the most likely terror targets.

This evaluation is based on previous patterns of attacks, both against individual buildings and more than 40 discrete target classes, analysis of terror groups, their capabilities and targeting priorities, and the value of a building as a potential target.

“Location is one of the most critical elements in assessing risk and aligning with Exclusive Analysis enables us to provide insurance companies with an additional trusted analysis solution to help determine the probability and severity of losses. Potential terrorist attacks have become an increasingly important risk factor for our clients and the global insurance industry,” said John O’Hara, executive vice president of international operations at Pitney Bowes MapInfo.