UK-based flood risk modeller Fathom has launched its newly updated model designed to enable banks and re/insurers to quantify the current and future flood risk of their portfolios.
The Bristol-based flood risk specialist first launched its Fathom-UK CAT model in January.
This latest iteration brings the inclusion of coastal flooding with five discrete climate conditioned scenarios to the model.
It’s described as a ground-breaking for the UK market, and that no other model is currently able to produce such sophisticated loss calculations under the Met Office’s most recent climate data – UKCP18.
The update builds on a number of market leading research and technologies built in house. Accompanying their new climate data, Fathom-UK CAT possesses vulnerability curves that enable users to differentiate between building type, occupation and coverage.
This is made possible by the model’s incorporation of over 10,000 unique damage functions and an ability to characterise properties, combined with pioneering future climate simulations is essential for insurers looking to understand the impact of climate change on their portfolios.
“We are already seeing evidence of the impact of climate change, and given this, it is essential that our financial institutions have the right information available to correctly protect their assets,” said Chris Sampson, Chief Technical Officer of Fathom.
“Through extensive research and the richness of available flood and climate data, Fathom-UK CAT signals a step forward in the market’s ability to produce climate-adjusted national-scale loss estimations with confidence.”