flood modeling News

Government Overhaul of National Flood Insurance Cheered by Climate Resilience Experts

Climate advocates say an overhaul of the nation’s flood insurance program being unveiled by the Trump administration will spur communities around the country to better plan for extreme weather, but could drive up costs for some homeowners. The changes being …

Federal Flood Insurance Premiums Could Rise in Flood-Prone Areas Under Trump Plan

Flood insurance premiums could rise and property values fall in the most deluge-prone areas under a plan the Trump administration intends to roll out in coming weeks to change the way risk is calculated under the National Flood Insurance Program. …

The Co-operators Offers Storm Surge Insurance to Homeowners in Atlantic Canada

The Co-operators Group Ltd. is offering storm surge insurance to homeowners in the provinces of Atlantic Canada: New Brunswick, Prince Edward Island, Nova Scotia, and Newfoundland and Labrador. Most recently released in Nova Scotia, The Co-operators Comprehensive Water insurance is …

U.S. Flood Models Still in Infancy, So Underwriters Must Be ‘Cautious Consumers’

The market for privately written inland flood insurance in the United States is growing rapidly, but flood modeling is still in its infancy. As a result, underwriters need to be aware of the differences that exist among commercial flood models, …

AIR Worldwide Introduces Inland Flood Model for Japan

Catastrophe modeling firm AIR Worldwide has introduced a new inland flood model for Japan along with enhancements to its Japan typhoon model. These models are part of Version 5.1 of AIR’s catastrophe modeling software platform, Touchstone. The AIR Inland Flood …

JLT Re Partners with KatRisk to Expand Modeling Capability in Canada

JLT Re, the London-based reinsurance broker and consultancy, has combined forces with flood modeling company, KatRisk, to enhance its flood risk modeling capabilities for clients across Canada. Berkeley, Calif.-based KatRisk’s suite of flood risk modeling tools includes both flood inundation …

Sompo Canopius Partners with UK’s SSBN for US Flood Models, Hazard Maps

Sompo Canopius AG has entered into a license agreement with SSBN, which will provide it with flood models and hazard maps for the United States. SSBN works within the insurance sector, providing global flood risk analytics, which are based on …

CoreLogic Adds Probabilistic Flood Model to Risk Management Program

CoreLogic, a residential property information, analytics and data-enabled services provider, has released an expanded version of its natural catastrophe risk management program, which features a probabilistic flood model to analyze the potential damage and financial impact at the property-level from …

Guy Carpenter Launches G-CAT® Canada Flood Model

Guy Carpenter launched its G-CAT® Canada Flood Model, which it describes as the first ever probabilistic flood model for Canada that enables insurers to assess their exposure to flood, Canada’s most frequently occurring natural hazard. Large areas of Canada experience …

Aon Benfield’s Impact Forecasting Releases Model for Recent German Floods

Impact Forecasting, the catastrophe model development center of excellence at Aon Benfield, has launched a scenario model for the recent German floods. The bulletin explained that by “using event footprints that outline the extent of the flood enables insurers to …