2019 is the wettest winter on U.S. record thanks to extreme snowfall and January’s series of storms (the Polar Vortex) costing an estimated $1 billion.
For the Midwest and Northeast, in particular, record low temperatures kept snowpack intact and now spring brings the increased danger of flooding.
More than 200 million people and two-thirds of the 48 contiguous states are at risk and 13 million face major flood risk this spring.
Approximately 25 percent of flood insurance claims in the U.S. are outside of FEMA high-risk flood areas.
To understand actual flood risk and close the flood protection gap, it’s critical for insurers to incorporate flood data beyond FEMA.
Many of the data partners we work with here at SpatialKey are at the forefront of data science, and actively working to innovate modeling approaches to better understand the impact of climate change on flood risk. As carriers, brokers, and MGAs well know, models and their outputs are nuanced, and data providers have different views on climate change and modeling flood risk. That’s why it’s important to have multiple views of risk at your disposal, so you can identify the right models and model components that best represent your lines of business, geography, and business practices.
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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.
KatRisk’s probabilistic multi-peril models are propelling this Cat modeler, largely known for their U.S. flood models, to the forefront of the flood modeling space. For more than four years, SpatialKey has worked with KatRisk to help underwriters and risk analysts gain a better understanding of flood risk. Our clients are finding that KatRisk’s overall score and flood depths by return period are helping underwriters understand both fluvial and pluvial flood risk like never before. In this interview, we talk with KatRisk co-founder, Dag Lohmann, who talks about the challenges of modeling U.S. flood risk, FEMA, and what’s next on the horizon for this innovative Cat modeler.
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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