5 March 2015 Insurance

RMS unveils South Korea flood model

Risk modeling firm RMS has released a new tool offering which it describes as a complete view of flood risk in South Korea.

The RMS South Korea Probabilistic Flood Maps and Scenario Catalog offers flood maps and scenarios that model all sources of precipitation driving flood risk - including monsoon-driven rainfall, which accounts for more than 50 percent of annual total insured losses in South Korea.

“Achieving an accurate representation of South Korea flood risk requires a model that captures both typhoon and monsoon-driven rainfall,” said Mark Moravek, model product strategy senior manager, RMS.

“Most catastrophe models capture only one hazard – typhoon rainfall – which ignores a significant proportion of the risk. Last year’s Busan flood reminded the industry of the scale of loss that can be caused by a monsoon-driven flood.”

The South Korea Probabilistic Flood Maps and Scenario Catalog use a full hydrological-cycle modeling process to capture the antecedent conditions and sources of precipitation that drive all forms of flooding: surface and riverine. The flood maps are calibrated for urban drainage systems and include banded flood depths to allow for location-level hazard lookup, enabling users to better estimate and set potential damage factors to achieve a more accurate view of losses.

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