Flood Risk For Insurers & Risk Managers
Flood Prediction For Insurers & Risk Managers
Assess flood risk more accurately and reduce unexpected losses
National and international underwriters, brokers, reinsurers, and risk managers use our flood maps, data sets, and flood catastrophe models to assess flood risk and predict probable losses more accurately. With greater knowledge and more precise flood risk information you can minimise unforeseen losses and price competitively, quickly, and confidently. We can provide data through different user levels and delivery mechanisms, including an interactive online system, a .pdf report or a simplified flood risk score for individual properties.
Our flood maps and data sets help insurers and risk managers:
- Evaluate flood risk virtually anywhere in the UK and Australia
- Predict probable losses more accurately (our FloodScore models offer reliability of 85% and over)
- Develop more realistic and competitive pricing
More precise pricing and loss estimates with FloodScore
Our national FloodScoreTM models are proven to predict risk with around 85%+ reliability and provide a straightforward guide to flood risk in specific areas, right down to the individual property level. They’re incorporated into standard underwriting processes and used to support in-house analytics and bespoke underwriting projects.
Built using our world-class flood modelling technology, they provide insurers with clear, detailed, and easy-to-understand flood information for all major floodwater sources. We optimise our flood maps and flood risk data sets for insurers by:
- Using the highest resolution data available to let you predict flooding at property level for a range of return periods
- Making our data easy to integrate with underwriting pricing systems
- Making it easy to combine vulnerability data and depth-to-damage curves to estimate loss more accurately
- Developing new approaches to resolve off-floodplain risk
Our pricing structure is flexible and affordable, with the annual cost generally less than the average cost of a single residential claim.
“Floodscore is a simple yet useful tool that provides flood scores for single locations based on their risk to fluvial, pluvial and coastal flooding. Floodscore has been integrated into our underwriting practices as well as those of some of our key delegated authorities to assess the flood risk and ensure it meets our risk appetite.”
“This building level flood data for Australia will revolutionize our pricing and loss control activities in the territory.”
Get in contact with us today on +44 (0) 1273 006 900 or request a free quote and one of our friendly specialists will be in touch
Assess portfolio-wide exposure and correlated flood risk
We developed our flexible flood catastrophe (FloodCat) models to give reinsurers and risk managers precise data about their overall exposure in the event of a catastrophic flood. They enable you to rapidly assess portfolio-wide risk and make better decisions around capital allocation.
Benefits for insurers and risk managers
- Accurately assess the risk of flooding
- Identify likely costs for a variety of potential flood outcomes
- Provide competitive pricing models, quickly and accurately
In the 2011 Brisbane floods, our model was 95% accurate in predicting damage to properties vs 37% for the existing national model. It correctly predicted flooding in 19 out of every 20 flooded properties.
Hull, United Kingdom
Following the 2007 flood in Hull, the Association of British Insurers and the UK Environment Agency asked us to conduct research to determine best practice in predicting flooding in urban environments.