Inland flood model includes flash flood damage probabilitiesPosted On: Sep. 14, 2015 12:00 AM CST
Irvine, California-based residential property information, analytics and data-enabled services provider CoreLogic Inc. said Monday that it has expanded its natural catastrophe risk management solution.
The CoreLogic U.S. Inland Flood Model aims to provide insurers with a tool to underwrite the risk associated with flash floods, CoreLogic said in a statement.
The U.S. Inland Flood Model is a comprehensive probabilistic flood model that analyzes the potential damage and financial impact of property from floods in the U.S. It measures severity and frequency of floods. The probabilistic flood model loss calculation provides property, contents and business interruption analysis. The model also includes historical flood event footprints from the last 50 years, according to the statement.
“The release of the U.S. Inland Flood Model means insurers can now use this advanced probabilistic tool to help them determine a property’s potential for flood damage,” said Tom Larsen, CoreLogic product architect, in a statement. “The model’s unique ability to provide granularity down to the property level will offer insurers a complete view of flood risk, including contents and business interruption, for all types of properties.”
CoreLogic has also made updates to some of their other models.
The Italy Earthquake Model now includes an updated seismic source model. This aims to provide an accurate view of seismic hazard in Italy. The North Atlantic Hurricane Risk Model update includes a high-resolution storm surge model and enhanced hazard risk assessment. The U.S. Offshore Energy Model includes a wave model and financial model which aims to provide an improved estimate of potential damage to physical assets in U.S. territorial waters within the Gulf of Mexico, according to the statement.
“All of these enhancements will help insurers understand hazard risk in a more granular and comprehensive way, and this precision in risk modeling will help the industry overall fine-tune its underwriting, claims and reinsurance efforts,” said Mr. Larsen.