Big data solutions can enable re/insurers to understand potential risk accumulation. An example is the recent economic downturn which resulted in a decrease in demand for luxury cars which resulted in more vehicles being stored at the port of Tianjin. The subsequent explosion at the port in August 2015 was the largest man-made insurance loss on record in Asia.
Investing in big data solutions in order to monitor changes in socio-economic trends provides insurers with greater awareness of what is happening around their exposures.
Reinsurers must 'think outside box' to avoid repeat of Tianjin risk accumulations Big data central to better understanding risks