RMS introduces hazard data suite for flood risk in Europe
RMS has introduced a suite of Europe inland hazard data, which provides high-resolutions insight that allows for an accurate estimation of flood risk.
According to RMS, claims for floods tend to be costlier than for other perils, and even a limited number of flood claims over a small area could lead to greater losses than from a windstorm affecting a much larger region.
The data suite takes into consideration that flood risk can be altered by permanent and temporary man-made defences, and provides defended and undefended views of flood risk with 70 percent of the data based on proprietary RMS research.
Adrian Mark, senior product manager at RMS, said: “The consistency between data and probabilistic models makes the RMS Europe Inland Flood solution unique, and provides a suite of tools appositely designed for more informed flood risk management, from underwriting through to portfolio management.
“Flood insurance penetration is generally low, even in developed markets, because the risk is deemed too volatile and costly. Consequently, premiums can be very high and as a result, many individuals and companies do not purchase cover.
“The latest RMS data suite represents an opportunity for re/insurers to write a significant volume of new business in Europe, increasing the penetration of flood insurance and closing the protection gap that exists in the market, now that the right tools exist to understand the risk.”
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