Original feature in Reinsurance News, Author: Luke Gallin
US-based flood and natural hazard risk assessment firm, Coastal Risk Consulting has entered into a new partnership with UK domiciled flood modeller, Fathom.
Under the new partnership, Fathom’s up-to-date and comprehensive US flood maps and datasets, for both rainfall and river flooding, are incorporated in Coastal Risk Consulting’s risk reports for US property owners.
The integration of Fathom’s maps and data, which leverages cutting edge technology to deliver advanced flood maps in the states with a resolution of 10 meters, provides commercial, governmental and residential property owners with improved precision and accuracy in their flood risk assessments.
Albert Slap, President of Coastal Risk, commented: “We endeavor to include the very best modeling and mapping in our reports. After much research, our Science Team, including Nobel Prize-winner Dr. Brian Soden and world-renowned environmental scientist, Dr. Leonard Berry, determined that Fathom’s maps and data would be an excellent complement to Coastal Risk’s flood modeling in the US.”
Fathom was founded in 2012, and operates as an academic-led flood modelling firm with a mission to create the most comprehensive flood risk map of the world.
Earlier this year, Fathom announced the launch of its updated US flood model, Fathom-US, via multi-vendor catastrophe risk modelling platform ModEx. The firm has also participated in numerous flood studies, including a collaboration earlier in 2019 with ModEx, Canopius, and Insurdata, which had a focus on altered risk profiles in light of augmented property exposure data.
Chief Operations Officer (COO) of Fathom Global, Andrew Smith, added: “Coastal Risk provides US property owners a much clearer understanding of their exposure to flooding, which is critical to protecting the value of their assets. Coastal Risk’s reports are unparalleled in the level of detail they contain and should be essential for anyone needing to know how flood affects their property.”
Dr. Leonard Berry, Coastal Risk Co-Founder, said: “With this partnership, Coastal Risk can now automate its damage/loss modeling for flood scenarios: riverine, heavy precipitation, storm surge, and tidal flood both in the US and globally.
“In order to assist with critical decision-making, Coastal Risk also estimates damage and economic loss at the property level (structure, contents and business interruption) for commercial real estate, insurance and banking interests.”
