flood models News

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 …

Flood Model Development Helps Hiscox Re & ILS Enter U.S. Flood Protection Market

Less than 12 percent of U.S. homeowners have a flood insurance policy, despite the fact that flooding is the country’s most common natural disaster, said Katy Sivyer, underwriter for North America and the Caribbean at Hiscox Re & ILS, in …

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, …

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 …

RMS Updates Cat Models for Terrorism, Europe Windstorm & US Flood

Global catastrophe risk management firm RMS has released version 16.0 of its catastrophe modeling platform, which includes updates to both the Europe Windstorm Clustering Model and Terrorism Modeling suite. Also included are the new Marine Cargo & Specie Model and …

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 …