Study shows how augmented data sets significantly impact flood loss estimates.
“Insurdata, in collaboration with speciality insurer and reinsurer Canopius, flood risk modeller Fathom and ModEx, a catastrophe risk modelling platform from Simplitium, has released the findings of a new flood data survey that focuses on altered risk profiles in light of augmented property exposure data.
The report highlights a number of geocoding displacements and finds that augmented data sets have a notable impact on loss estimates.
Insurdata, an InsurTech firm that specialises in the augmentation of peril-specific exposure and risk data, explains that the study shows how augmented property exposure data changed the risk profile of an asset when modelled, and, how the new and revised data sets would impact annual average loss forecasts and also maximum event losses for numerous return periods.
Commenting on the study, Insurdata’s Chief Executive Officer (CEO), Jason Futers said:
“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.”