First American Spatial Solutions launched its new U.S. flood catastrophe model, a key component of its suite of advanced flood risk solutions, which includes geospatial analytics, basic flood data, flood risk scoring and near real-time monitoring of actual flood conditions.
The flood model allows insurance companies to measure their financial exposure to floods at the portfolio, policy and property level as it takes into account riverine and coastal flooding hazards throughout the continental U.S.
Based on hydraulic science and historical flooding events, the flood model has been validated against hundreds of thousands of claims and reports probable maximum loss to average annual loss and key return period losses, according to First American.
Frank V. McMahon, vice chairman of The First American Corp., said flood risk solutions combine competencies in location technologies and flood risk management with key acquisitions and partnerships.
Recognizing a particular need in the commercial, excess and surplus and reinsurance markets, First American partnered exclusively with Swiss Re, the creator of the flood model, to provide insurers the ability to quantify and manage flood risk.
Source: The First American Corporation
Was this article valuable?
Here are more articles you may enjoy.