The dangers of making flood risk decisions in isolation

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.  

Florida is the most high-risk state for storm surge, with an estimated 2.8 million single family homes at risk and a replacement value of $581 billion, according to the 2019 Private Flood Insurance Report. Yet, in Florida, there are only 1.7 million NFIP policies reported in force, suggesting a huge opportunity for private insurers. 

How flood severities & frequencies inform flood risk

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. 

Despite more than 200 million people and two-thirds of the contiguous U.S. being at risk from flooding, only an estimated 15 percent of U.S. homeowners have flood insurance policies. As a result, it’s clear there’s a latent opportunity for insurers within the U.S. private flood market. However, without adequate flood data, it’s impossible for carriers to actively engage with the market and confidently underwrite and price flood risk.

How different flood types impact flood risk

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.  

In order for insurers to most effectively understand flood risk, they must have access to data that provides a full picture of the hazard, including the different flood types that might affect a property: fluvial, pluvial, and storm surge. Although it may seem that flood is just flood, it’s important to understand the different flood types due to the various impacts each flood type can have on a property, and thus different levels of damage.

The Friday Five: Week of September 9, 2019

If you care about what’s happening in the world of property and casualty (P&C), then this is the place to be. Each week, we serve up a bite-size roundup of the latest news, hot topics, and (admittedly subjective) tidbits to keep curious insurance professionals, like you, in-the-know.

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. 

The Friday Five: Week of August 5, 2019

If you care about what’s happening in the world of property and casualty (P&C), then this is the place to be. Each week, we serve up a bite-size roundup of the latest news, hot topics, and (admittedly subjective) tidbits to keep curious insurance professionals, like you, in-the-know.

The Friday Five: Week of July 29, 2019

If you care about what’s happening in the world of property and casualty (P&C), then this is the place to be. Each week, we serve up a bite-size roundup of the latest news, hot topics, and (admittedly subjective) tidbits to keep curious insurance professionals, like you, in-the-know.

The Friday Five: Week of June 24, 2019

If you care about what’s happening in the world of property and casualty (P&C), then this is the place to be. Each week, we serve up a bite-size roundup of the latest news, hot topics, and (admittedly subjective) tidbits to keep curious insurance professionals, like you, in-the-know.

The Friday Five - Week of May 20, 2019

If you care about what’s happening in the world of property and casualty (P&C), then this is the place to be. Each week, we serve up a bite-size roundup of the latest news, hot topics, and (admittedly subjective) tidbits to keep curious insurance professionals, like you, in-the-know.

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