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Despite flood being the most pervasive hazard in the US, there are major challenges around the provision of adequate flood cover based on accurate, real-time data. We discussed this and JBA’s flood models that cover 99% of the world’s landmass with Jane Toothill and Matt Reid.
ICEYE’s new wide-area Scan mode can focus on areas as large as 10,000 square kilometers, extending the area customers can view in a single scene. We spoke to Charles Blanchet, VP of Solutions, for InsTech London Podcast 128.
New research using Fathom’s US flood model has found that climate change increased the cost of Hurricane Harvey by 14%. It is estimated that there was an additional $13 billion of damages due to human-induced global warming.
The new high definition model has been created to help insurers understand the risk from inland flood. Data from the Insurance Council of New Zealand shows that since 1968, flood accounted for more than 50% of all loss events in the country.
The US National Flood Insurance Program is undergoing its first major update in 50 years. The private sector has already been involved in this update, and is likely to play an increasingly important role in the flood insurance market across the US.
According to JBA’s flood data, 6.8% of UK properties are likely to be declined cover when looking at a postcode level. However, looking at the data on an address level, only 3.2% of properties would be declined - translating to 1.1m less properties. Read more from Addresscloud on the link above.
The EA has announced its FCERM Strategy Action Plan. It will involve working with government-backed insurance scheme Flood Re and insurance trade bodies to draw up a specialist category of brokers and insurers. The aim is to help businesses and households that are struggling to access flood insurance.
Canada plans to focus its next budget on tackling climate change and its effects. On average, insurers have spent $1.56 billion annually between 2009 and 2019 on catastrophic event claims. Flooding is the largest peril facing Canda as a result of climate change.
Climate change is projected to have a dramatic effect on rainfall in New York City, with an estimated 25% increase in rainfall by the end of the century. The new plan outlines goals and initiatives to help prepare for the increased flood risk.
The floods, which happened in November 2020, were the year’s costliest natural disaster in New Zealand. The heavy rains, flooding and landslides resulted in at least $87.7 million in insurance claims.
In September 2020, floods affected almost seven million people in 15 countries across the continent, yet these events were often underreported. Innovative technologies, data and weather forecasts have made it possible to anticipate disasters, but more investment is needed.
The Australian government has identified 22 flood mitigation projects that will share $27 million from the Emergency Response Fund. Communities should benefit from reduced impacts of major flooding events and lower insurance costs.
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