Special Report

2020 Catastrophe Preparation and Recovery

June 1 marks the beginning of hurricane season, while the peak of tornado season is March through May. Wildfire season is traditionally during the summer months, but in some states the risk is yearlong. Preparation is key to providing a timely response in order to help policyholders begin the recovery process. In this Special Report we share information on how best to prepare for natural disasters and how to recover if one damages your property.


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Modeling hurricane flood risk. Now that U.S. flood models exist in abundance, demands for more and better flood-related data will multiple. (Photo: Shutterstock)

The first generation of U.S. flood models was introduced into the market only last year. While barely up and running, their developers face serious challenges already as a result of the lack of good data, which is essential in carrying out accurate probabilistic modeling, since it enables a well-constructed and calibrated model to deliver results that match experience over the years.

Unfortunately for the re/insurance sector, even for mature perils such as Florida windstorm, the data is never entirely adequate. Worse still, in the U.S., flood data is almost non-existent. Making the job even tougher is that a model only works with all things being equal. If the severity or frequency of events is changing, modelers may feel their chances of hitting the mark are dwindling.

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