Covéa anticipates and reduces its risk exposure with Spectrum Spatial
Covéa is a French mutual insurance group company (SGAM) comprising the MAAF, MMA and GMF brands. A major player in the insurance industry, present in the main markets, the Covéa group is a leader in France specializing in damages and liabilities. Its size, financial strength and risk knowledge enable it to differentiate itself in an increasingly competitive environment. The Covéa Risks Analytics Center provides group entities worldwide with solutions for better managing portfolio exposure, improving risk selection, and anticipating the occurrence of climate crises. Covéa uses Spectrum Spatial software from Precisely both for risk management work and for customer-facing services.
The risk analytics department defined a clear vision that is indispensable in today’s context. Insurers offering coverage against damage are confronted with an increasing impact of major climate- and technology-related risks on their financial results. Faced with a worsening of these risks and their unfavorable outlook, insurance companies must reconsider their exposure and management of these risks, especially as there are constraints of a restrictive legal and prudential framework (the Solvabilité 2 directive and changes to the Catnat (natural disasters) system). These challenges led to the need for an enterprise risk management (ERM) culture at Covéa, in which Location Intelligence solutions play an essential role.