Global flood expert, JBA Risk Management (JBA), and leading data enrichment and geospatial insurance analytics firm, SpatialKey, have collaborated to provide JBA’s new 5 meter flood maps and associated pricing data to insurers who underwrite and manage flood risk in the state of Florida. These are the most detailed flood maps available for Florida and the start of the initial rollout of JBA’s high-resolution maps for the continental United States. The maps are now available for use within SpatialKey and will bring increased insight into flood risk to the wider insurance community.
Just a year ago Hurricane Harvey was making landfall on the Gulf Coast of Texas. Now, the projected hurricane season looks quite different, having been downgraded most recently by NOAA. It would be easy to become complacent—if not for Hurricane Lane, a Category 4 cyclone, barreling down on the Hawaiian islands. We may not see a string of hurricanes like last season, but Hurricane Lane is a reminder that it does, in fact, only take one hurricane. There’s no time like the present to learn from the past and get your operational “ducks in a row”.
Hurricane Lane barrels towards Hawaii (photo courtesy of cbsnews.com)
Almost exactly one year after Hurricane Harvey dropped 50 inches of rain on Texas, Hurricane Lane, a Category 4 cyclone, is now barreling towards the Hawaiian islands, with its outer rainbands already drenching the Big Island. Forecasters say that it’s on course to move very close to the islands, or, make landfall from Thursday through Friday. With the likelihood of a direct hit growing, authorities have urged residents to set aside two weeks worth of food and water.
Recently, Swiss Re announced that that the firm believes that 2017’s series of catastrophes occurring in the second half of the year is not a one-in-100 year event, but more like a one-in-10 year event:
"Climate change is in fact warming not just the Earth but also the oceans and one of the reasons why the expectation of future hurricanes is so high is that last years' three hurricanes together—the $135 billion of losses—are a one-in-10-year event not a one in a 100-year event….We see the possibility for a repetition of these kinds of losses in the foreseeable future." -John Dacey, Chief Financial Officer, Swiss Re
Dacey is not the only high-profile insurance executive to comment on climate change. Evan Greenberg, Chairman and CEO of Chubb, recently asked, “Given there have been three one-in-100-year floods in 18 months, how can Harvey represent a 1 percent chance of occurring as the models suggested?”
If you don’t know Ambiental, now’s a good time to get familiar with this global flood data provider that specializes in analyzing flood risk and modeling flood hazard. They’ve got a strong track record of increasing the precision of pricing and loss estimation for insurers and reinsurers. Now that their data has been integrated into SpatialKey, we thought it’s a good time to catch up with Evan Shallcross, Technical Manager at Ambiental, who had this to say about underwriting flood risk, progressive flood models, flood maps, and more.
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