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Member, Beacon International Group, Ltd.
Impact Forecasting L.L.C., the catastrophe modeling unit of Aon Benfield, released a new tool on Thursday to help insurers gauge flood risk in Colorado.
The company developed the tool, which models flood scenarios statewide, after the recent flash flooding caused nine deaths and damaged or destroyed an estimated 968 commercial properties in Colorado during September.
The tool uses data from the United States Geological Survey’s Digital Elevation Model, as well as information from the USGS’s network of stream gauges, to simulate flood inundation depth across the state, Impact Forecasting said in a statement.
“The scope of damage and the overall scale of impacts make this the costliest flood in Colorado’s history, and the first such event to cause more than $1 billion dollars in un-inflated economic damages in the state,” Siamak Daneshvaran, head of research and development at Impact Forecasting, said in the statement. “The new scenario model is part of Impact Forecasting’s U.S. river flood probabilistic model and will help insurers gauge the financial impact and probability of this event’s potential recurrence.”