flood models News

U.S. Private Flood Insurance: The Journey to Build a New Market

Not long ago, private flood insurance was thought to be an impossible dream in the property/casualty sector. There were numerous arguments supporting the common wisdom that a meaningful market for residential flood coverage from admitted private insurers would never exist. …

JBA Risk Management Launches Probabilistic Global Flood Model

The global leader in flood risk management, JBA Risk Management, launched the first probabilistic global flood model, which allows re/insurers to model river and surface water flood at 30 meters (98.4 feet) resolution worldwide. The Global Flood Model not only …

AIR Expands Europe Inland Flood Model, Updates UK Storm Surge Analysis

Catastrophe risk modeling firm AIR Worldwide announced it has released an expanded inland flood model for Central Europe to include the country of Poland in its model domain. AIR also announced that it has updated the storm surge component of …

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. …

JBA Broadens Access to Sri Lanka Flood Model to Help Bridge Protection Gap

JBA Risk Management has released its Sri Lanka Flood Model onto Simplitium’s ModEx platform. The initiative is specifically aimed at broadening accessibility to the Sri Lanka model for both the insurance and wider disaster risk reduction (DRR) community. The announcement …

Hurricane Florence Demonstrates Perils of Being Underinsured/Uninsured, Says RMS

Hurricane Florence caused extensive freshwater flood damage in the Carolinas and parts of Virginia in September—and about 70 percent of those flood losses will be uninsured, according to RMS. “The insured loss for Florence will be between $2.8 billion and …

Private Flood Insurers Not Yet Ready to Fill Massive U.S. Protection Gap

The flood insurance protection gap in the United States is massive, but the take-up rate of private flood insurance continues to be low. The relative inability of private insurers to penetrate the flood insurance market has been blamed on the …

CoreLogic Expands Flood and Hail Solutions in Canadian Market

CoreLogic, the Irvine, Calif.-based property data and analytics firm, announced it is expanding its Flood Risk Score and Weather Verification Services for hail into Canada. The availability of the CoreLogic Flood Risk Score and Weather Verification Service for hail in …

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 …