AIR estimates that losses to the insurance industry (that is, excluding NFIP payouts) from Harvey will exceed $10 billion, the bulk of which will be driven by flood. ![]() Perhaps not surprisingly in light of the devastation wrought by Harvey, Harris County ranks first in the country in terms of flood risk (as measured by modeled ground-up average annual loss). Total economic losses will be significantly higher. inland flood model indicate that property damage from Harvey’s record-breaking precipitation will be in excess of $65 billion. To find out more about Ambiental flood products or to discuss any problems around current flood risk strategies in the US or anywhere else please get in touch, and one of our team will be happy to help.Based on simulations of Harvey based on precipitation measurements from the National Weather Service (NWS) and river gauge data from the NWS and the USGS, results from AIR’s U.S. Further to this, our detailed flood hazard data will underpin the development of a USA FloodCat™ flood catastrophe model, scheduled for release in the future. Ambiental enables easier interpretation of risk through our USA FloodScore™ data aggregation product which links flood hazard to sophisticated exposure datasets to enable powerful insights and easy integration with insurance applications in underwriting and portfolio management. However, sometimes a map is not enough, so data needs to be interpreted to deliver insights which can be integrated into the workflow of end users. Further to this innovations in the hydraulic modelling process, such as how reservoirs are modelled, will overcome the complexities of the highly engineered hydrological systems prevalent in the USA. ![]() Improved accuracy can be attained by using the very best data from a variety of available sources. The efficiency of flood prediction data for local government, businesses and insurers is enhanced by three key factors: accuracy, insight and ease of use. Unique data and advanced analysis techniques enable the provision of detailed risk quantification information which cover a variety of different exposures. Demonstrable accuracy means this highly granular flood risk dataset will make it easy for insurers, businesses and local government to assess flood risk to individual properties or across their entire portfolio of assets.Īmbiental has established partnerships with industry-leading data providers and US government agencies to source the most accurate data and statistics needed to run our modelling algorithms. Built on tried and trusted technology developed in the UK, we will provide a flood hazard map at building-level resolution, allowing users to more accurately analyse flood risk to individual properties. New tools to help mitigate flood riskĪmbiental Risk Analytics is currently developing a new flood prediction solution specifically for USA. This resulted in massive flooding which displaced over 30,000 people, damaged or destroyed over 200,000 homes and businesses, and claimed 107 lives. An unprecedented level of rainfall fell within 7 days with over 50 inches of rain recorded in some locations. ![]() The Insurance Council of Texas estimated insured losses for the event to be at least $19 billion, with flooding related claims hitting insurers particularly hard. Severe flooding in Houston, Texas in August 2017 and surrounding areas as a result of Hurricane Harvey led to estimated costs of $125bn. Weather and climate-related disasters cost the United States a record $306 billion in 2017, according to the US National Oceanic and Atmospheric Administration – making it the costliest year on record. There has been a growing recognition that the existing Federal Emergency Management Agency (FEMA) flood maps are not comprehensive enough to provide a complete picture of flood hazard and where maps are outdated they do not always accurately account for current risk. Last year Hurricanes Harvey, Irma and Maria generated a series of major rainfall events which saw rivers rise to previously unimaginable levels and resulted in record breaking losses. The USA has high exposure to flood risk and recent unprecedented extreme weather events have highlighted the need for better flood mapping.
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