Karen Clark & Co. is rolling out a new U.S.-focused high-resolution storm surge model.
The catastrophe risk company said the new model brings advances to the market including fully transparent model components (as part of the RiskInsight open loss modeling platform). Translated, this enables clients to see all high-resolution footprints. They can also use the technology to easily identify locations vulnerable to storm surge flooding, Karen Clark & Co. said.
Additionally, insurers can calculate the total insurable value they have exposed by water depth, and apply detailed vulnerability curves to estimate losses, according to the release.
As well, the new model lets insurers estimate portfolio losses with and without storm surge, for any leakage assumption and for storm surge separately. Clients can use the model to access average annual losses for individual properties via web services hosted by Karen Clark & Co. or client companies.
Beyond enabling insurers to estimate their losses from storm surge, the model produces 100 and 250-year flood zones along the coast. By way of Karen Clark & Co. or a client-hosted web service, clients can test locations of individual policies, before policies are written, to determine if they’re in or out of the flood zones.
With that ability, insurers can closely monitor and control their flood loss potential, Karen Clark & Co. said.
Source: Karen Clark & Co.