Matt Reid, Managing Director, JBA Risk Management Inc.

Matt Reid, Managing Director, JBA Risk Management Inc.

Recent Posts

Accounting for elevation & urbanization with high-resolution data

Guest author and SpatialKey data partner, JBA Risk Management, explains how flood data and mapping innovations can help insurers succeed in the U.S. private flood insurance market. 

More than 200 million people and two-thirds of the 48 contiguous states are at risk from flooding, according to Edward Clark, Director of the U.S. National Water Center. This demonstrates the major threat that flooding poses to the reinsurance industry in the U.S. In light of this hazard, the U.S. private insurance market is growing, with 2017 reporting $600 million in premiums, an increase of USD $217 million over 2016. But why isn’t this figure higher? And, why do approximately 85 percent of U.S. homeowners lack flood insurance policies?

How technology has improved flood modeling

Guest author and SpatialKey data partner, JBA Risk Management, explains how flood data and mapping innovations can help insurers succeed in the U.S. private flood insurance market. 

Flood is a complex natural catastrophe, with great variations across small spatial areas, producing extremely localized effects. Sometimes, one property may be badly flooded while its neighbor two doors down is spared. As a result, managing this risk is often seen as a challenge by U.S. insurers. In fact, although 90 percent of all natural disasters in the U.S. involve flooding according to the Insurance Information Institute, it could still be regarded as the least understood natural peril. 

Popular Posts