Catastrophe modeling firm AIR Worldwide Corporation (AIR) said it has released a new flood model for Great Britain designed to help companies better asses flood risks for properties in England, Wales, and Scotland.
The new model, called the AIR Inland Flood Model for Great Britain, covers residential and commercial lines of business including alternative living expenses and business interruption coverage, AIR said. It incorporates original research by AIR that has been peer-reviewed by a team of leading flood risk experts in the U.K., the modeling firm added.
Additionally, because approximately 50 percent of the losses from the 2007 floods occurred off-flood plain, with much of the losses occurring in highly exposed urban areas, AIR developed a model for off-flood plain loss estimation.
AIR said the model captures both large and highly localized storm systems, and also takes into account the height of buildings, allowing companies to analyze the risk to a specific floor or floors of interest, including basements.
“After the record breaking insured losses caused by the summer floods of 2007, the need for a fully probabilistic model has never been greater,” said Milan Simic, managing director, AIR Worldwide Ltd.
“The AIR Inland Flood Model for Great Britain breaks new ground in flood risk assessment. It captures the complexities inherent to the flood peril, including accounting for the multiple sources of flood water, land cover and existing soil conditions, man-made flood defenses, and the impact of flood waters of varying depth on property,” said Mr. Simic.
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