In this episode Dr Chris Sampson and Dr Niall Quinn discuss the creation of our ground-breaking new flood model that is set to fundamentally change understanding of US flood risk, providing an unparalleled view of flood hazard across the mainland.
In creating Fathom-USv2, Fathom has undertaken the most comprehensive flood modelling of the US ever attempted, bringing together a combination of sophisticated inland and coastal flood models based on the latest award-winning flood risk science.
Flooding is the most common and costly natural disaster in the US, but uptake of private flood insurance across the country still remains low and existing FEMA flood maps are often outdated and lack consistency.Catastrophic flood events are likely to increase in severity and frequency as sea levels rise, significantly escalating economic losses for the (Re)insurance industry. Fathom-USv2 now enables insurers to accurately analyse and communicate risk, countering previous underestimation of flood exposure and inappropriate rating, boosting flood insurance penetration and improving underwriting profitability.
In a first for a national scale US flood model, Fathom-USv2 is adapted to account for climate change rather than relying solely on historic records. It has been uniquely developed to provide a current climate change scenario for 2020 as well as a 2050 future climate state and uses synthetic hurricane data to forecast changing hurricane behaviour.