[SAMPLE] GapMaps Crime Risk Insurance Data by AGS | USA and Canada| Census Block Level

GapMaps Crime Risk Insurance data sourced from Applied Geographic Solutions (AGS) provides valuable comparative information on the spatial patterns of crime which is crucial for insurance groups to accurately assess the risk associated with insuring a person or property and set appropriate premiums at a granular census block level.

Crime Risk Insurance Data can help insurers determine the likelihood of policyholders filing claims. This information allows them to price policies appropriately. Higher crime risk areas typically result in higher premiums to account for the increased likelihood of claims.

Insurers can also use Crime Risk Insurance Data to provide recommendations for loss prevention measures based on crime risk assessments. This could include installing security systems, using better lighting, or employing security personnel. Effective loss prevention can reduce the frequency and severity of claims.

Underwriters using accurate and granular Crime Risk Insurance Data ensures that insurers collect sufficient premiums to cover potential claims. Misjudging crime risk could lead to financial losses if claims exceed the collected premiums. This stability is essential for the insurer's long-term viability.

Insurers can also utilise Crime Risk Insurance Data to offer competitive premiums while maintaining profitability. This can attract more customers and increase market share.

Insurers must comply with regulations that often require accurate risk assessment and fair pricing. Crime Risk Insurance data will help ensure compliance with these regulatory requirements.

Providing fair and accurate premiums based on thorough crime risk insurance data also builds customer trust. Customers are more likely to stay with an insurer they believe is fair and transparent.

The AGS Crime Risk Insurance Data is derived from an extensive analysis of several years of crime reports from the vast majority of law enforcement jurisdictions nationwide.

The crimes included in the database are the “Part 1” crimes and include murder, rape, robbery, assault, burglary, theft, and
motor vehicle theft. These categories are the primary reporting categories used by the FBI in its Uniform Crime Report (UCR), with the exception of Arson, for which data is very inconsistently reported at the jurisdictional level. In accordance with the reporting procedures using in the UCR reports, aggregate indexes have been prepared for personal and property crimes separately, as well as a total index. While this provides a useful measure of the relative “overall” crime rate in an area, it must be recognized that these are unweighted indexes, in that a murder is weighted no more heavily than a purse snatching in the computation. For this reason, caution is advised when using any of the aggregate index values. In 2020, 5-Year Projections were added to the database.

Methodology:
Crime is tracked for multiple years using both FBI aggregate crime reports and for many parts of the country at the individual incident level. A complex set of statistical models are used to estimate and forecast risk of each individual crime type by using land use data in conjunction with demographic and business characteristics.