Lloyd’s, insurer to host comparison of US flood models

Lloyd’s, insurer to host comparison of US flood models

Lloyd’s, insurer to host comparison of US flood models Lloyd’s, in partnership with insurer ArgoGlobal, is hosting the world’s first comparison of US inland flood risk modeling.

The event will take place on November 02 in the Lloyd’s London offices. Argo Group will host a livestream of the event. It will be hosted by Dr. Federico Waisman, SVP head of analytics at Ariel Re (a member of Argo Group) and will include presentations from four leading flood risk modelling vendors: AIR, KatRisk, Impact Forecasting and CoreLogic.

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“This is a significant milestone for the modelling of inland flood in the US, and could not be more timely,” commented Waisman. “We have witnessed time and again the devastation wrought by flooding. The models presented at this event will enable the insurance industry to better underwrite this risk. The potential for growth in this area is clear. With the benefit of more robust analytics the US flood market could represent an area of significant potential for (re)insurers. This event will enable the market to witness how these relatively new models perform, and gain valuable insights into their respective processes.”

Learn more about flood insurance at the Future of Flood event being held in Miami, Florida on November 16. Click here for more details and to register.

“We are experiencing one of the most active hurricane seasons this century,” added David Clouston, Lloyd’s risk aggregation head. “Widespread flooding as a result of windstorms Harvey and Irma has once again highlighted the costs of natural catastrophes – both in terms of human suffering and economic hardship. The need for a deeper understanding of inland flood modelling is more important than ever.”

During the event, each of the modeling vendors will discuss their US inland flood risk models, explaining their research, the rationale behind their models, and the data sources it incorporates. A side-by-side comparison of the models will then be performed.

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