Coastal Risk partners with UK-based flood-modeling company

Coastal Risk partners with UK-based flood-modeling company | Insurance Business

Coastal Risk partners with UK-based flood-modeling company

Flood and natural hazard risk-assessment company Coastal Risk Consulting has announced a partnership with Fathom, a UK-based flood-modeling company, to offer flood mapping in its risk reports for US property owners.

Fathom integrates up-to-date and comprehensive US datasets with modeling technology to deliver flood maps with a resolution of just 10 meters, Coastal Risk Consulting said. Fathom’s maps for rainfall and river flooding are incorporated into Coastal Risk’s flood and natural-hazard risk reports with Coastal Risk saying that the integration would provide governmental, commercial and residential property owners with significantly improved precision and accuracy in their flood-risk assessments.

“We endeavor to include the very best modeling and mapping in our reports,” said Albert Slap, president of Coastal Risk. “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.” 

“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,” said Andrew Smith, chief operations officer of Fathom Global. “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.”

According to a 2018 study by Fathom, more than 40 million US homeowners are at risk of flood – more than three times as many people as indicated by FEMA’s flood maps – but only five million held flood insurance policies.