The flooding in South Carolina was summed up best by Governor Nikki Haley when she called it, “a storm of historic proportions.” With the rains calming, residents and insurers are doing everything they can to determine next steps. Our insurance clients are turning to us to understand potential flooding experienced by their insureds.
In collaboration with KatRisk, we are able to offer a solution to help you understand your potential exposure to flooding. KatRisk has produced a footprint that represents the modeled potential flooding extent in South Carolina given the recent extreme precipitation. Currently, the exact extent of the flood and the locations of affected properties are not known, but SpatialKey can help you identify and manage those risks that may be of concern.
Where the water stands vs. how deep it goes
A large portion of South Carolina is currently exposed to significant flooding, and being able to see areas with the most severe flooding helps you know where to deploy your claims resources first. Using a sample portfolio, we see that there is $42M of potential exposure to flood depths greater than approximately 1 foot, most heavily concentrated in coastal counties.
Quantifying your potential exposure
A quick analysis will reveal your potential exposure for properties that could be impacted by significant flooding. For example, this image shows potential Exposed Limits of $3.1M for policies with properties in Horry County where flooding may be greater than 1 meter (~3¼ feet). Knowing where your potentially most severely affected properties are helps you prioritize your efforts.
Satellite mapping with flood depth data
Getting a bird’s eye view via a satellite map with flood depth overlays brings South Carolina to life and helps you visualize exposed locations. Here, we see a number of locations in Horry County exposed to some of the potentially deepest water. It’s easy to quickly share insured information directly with your regional claims teams, so they can mobilize their response efficiently.
Get in touch
We know it’s your top priority to mobilize your teams to help your insureds. In collaboration with KatRisk, we’re here to help you assess the impact of the South Carolina floods as quickly as possible, so you can focus on aiding your customers. Reach out today to learn more.