CoreLogic has introduced a new tool that will help insurers identify and mitigate flash flood risk.
The firm's new Flash Flood Risk Score is designed to help insurers determine flash flood risk beyond what is established in Federal Emergency Management Agency (FEMA) floodplains, CoreLogic claims.
The new tool uses a combination of hydrology, meteorological and environmental datasets to provide both a numeric risk score (1-100) and a categorical risk rating (ranging from ‘very low’ to ‘extreme’) that enables underwriters to set guidelines for flash flood risk and evaluate portfolio risk exposure.
Proprietary data layers are used to identify risk associated with intense rainfall, soil types, ground elevation and flow accumulations.
Flash flooding accounts for 33% of inland flood property damage in the U.S., and flash floods caused about $7.9 billion in property damage between 2005-2012, according to the National Weather Service and the National Climatic Data Center.
‘Identifying flash flood risk is a huge issue for our clients, and understanding this risk can be particularly daunting, especially because a significant amount of the country is not covered when it comes to flood risk assessment,’ says Dr. Howard Botts, vice president and director of database development for CoreLogic Spatial Solutions, in a release. ‘In fact, roughly 40 percent of the U.S. is not included in FEMA flood maps, and because a flash flood can happen so fast, there is often little time to prepare or mitigate against this type of event, resulting in extensive property damage. The Flash Flood Risk Score from CoreLogic will allow insurers to be able to identify and mitigate flash flood risk in areas that are not mapped for flood risk of any type.’
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