Insurdata and Canopius carry out exposure data resolution study
Insurdata has today released the findings of a flood data study conducted with global speciality re/insurer Canopius, flood modelling firm Fathom and ModEx, a catastrophe modelling platform delivered by Simplitium.
The study focused on how augmented property exposure data altered the risk profile of an asset when modelled, and how the revised data sets would impact annual average loss forecasts and maximum event losses for a series of return periods.
“The main aim of the study, was to establish the potential impact on loss estimates at both the individual property level and portfolio level when exposure data is modelled at a much higher resolution than currently available to many re/insurers.” Jason Futers, CEO, Insurdata.
The sample data provided by Canopius represented a typical raw data set as available in the re/insurance market. The unaugmented address data was originally geocoded to a variety of resolutions from building to zip-code level.
The portfolio included data for approximately 1,000 properties in the Houston, Texas region, with a total insured value of $9.9bn spanning residential, commercial and industrial locations. Some locations had been impacted by the 2017 inland flooding resulting from Hurricane Harvey.