AIR releases US inland flood model
Catastrophe risk modelling firm AIR Worldwide has released a probabilistic inland flood model for the US.
AIR said the new model will provide insurers and other industry stakeholders with a comprehensive tool for assessing and managing inland flood risk at a high resolution for locations on and off the many and varied floodplains across the United States.
The model defines flood events based on a physical understanding of what causes flooding and how floods propagate through the country's extensive river networks. It captures inland flood risk for all 18 hydrological regions across the contiguous United States, an area of approximately 3 million square miles with a river network 1.4 million miles long, including 335,000 distinct drainage catchments.
"Until now, the industry has lacked the tools to effectively quantify flood risk in the United States," said Dr. Jayanta Guin, executive vice president, AIR Worldwide. "We're excited to bring this game-changing modeling solution to market. It's a major step forward in helping the industry manage this complex risk by better understanding the severity, frequency, and location of potential flood events.
"The AIR Inland Flood Model for the United States represents one of the most challenging and innovative research development efforts in AIR's history. This state-of-the-art model accounts for the unique circumstances that contribute to flood risk across the country.
“It provides insurers with a highly detailed, physically based, probabilistic approach for underwriting and helping to manage this complex risk on and off the floodplain and for uncovering new opportunities in the evolving flood insurance market."
