[ Watch the video of Justin’s speech at the Flood Re Breakfast Event ]
The recurrence, and impacts, of widespread flooding serve to highlight the importance of decision support tools, such as those offered by Ambiental, in mitigating flood risk. UKFloodMap4™ is a precision tool offered by Ambiental, which is specifically designed for managing flood risk. The software uses the most up to date flood data for the United Kingdom, providing precise and accessible flood risk information for the whole country.
Aimed primarily at helping insurance underwriters, planners, and emergency response teams make informed decisions about flood risk, UKFloodMap4™ pinpoints an estimate of flood depth and water velocity, accurate even down to the individual building level. By utilising high resolution topographic information combined, where possible, with light detection and ranging (LiDAR) data, this product looks at all of the major sources of flooding, and a variety of return periods to accurately determine flood risk. In order to maintain the accuracy of predictions, UKFloodMap4™ is regularly calibrated against real-time flood events, validating the flood model by showing a remarkable correlation between predictions and the resulting events.
In much the same way, FloodScore™ can instantly assess flood risk to individual properties. Delivered as a cost-effective online flood risk ‘checking’ service or via API, it provides instant access to flood risk scores for properties across the whole of the UK. Utilising OS AddressBase products, and integrating the most up-to-date flood and building stock data available, FloodScore TM enables businesses to search for individual addresses, quickly evaluating and quantifying flood risk and average annual loss (AAL) values. Taking into account the probability of flooding due to rainfall, tidal surges, and rivers overtopping their banks, this product classifies risk into a single, easy-to-use flood score; which may be quantified as negligible, minimal, moderate, high or extreme.
Alongside flood modelling solutions, Ambiental also offers a range of CAT modelling products; using computer-assisted calculations to predict the financial losses sustained during any catastrophic event. These flexible models are specially designed to give both asset and risk managers accurate data about exposure in the event of a catastrophic flood; and enable rapid assessment of portfolio-wide risk. This allows for more informed decision-making around allocation of capital, and may help with the decision of whether or not to cede particular properties to Flood Re. Not only can the model be used to predict losses based on historical events, Ambiental’s CAT modelling service may be used to run realistic synthetic event sets, allowing users to chose the perils, regions and level of aggregation required, and tailoring the product to their individual needs.
Speaking at December’s successful breakfast event, Justin Butler, CEO of Ambiental, said: “There are a number of challenges with the introduction of Flood Re, for example in terms of ceding strategies, which risks should be passed over to the reinsurance pool; so one thing we are really focussing on at Ambiental is to provide insurers with the data and tools they need to implement their strategies.”
To find out more about how Ambiental’s flood risk analysis and modelling products can aid the insurance industry in the decision making process surrounding ceding to Flood Re, call Mark Nunns on 0203 857 8543 or email [email protected].