Property insurer FM Global has created an innovative map to give businesses a comprehensive overview of flood exposure after recent years have shown flooding to consistently be the costliest overall peril globally.
Flooding accounted for $62 billion in economic losses last year according to Aon estimates – in response to market demand – FM Global produced the flood map as a sophisticated tool to allow businesses and re/insurers to identify the levels of risk within their operating locations and entities and better mitigate against flood loss.
“Flood is one of the costliest commercial property risks, and it’s only getting worse with climate change, globalization and urbanization,” said Brion Callori, senior vice president and manager, engineering and research at FM Global.
“Companies with properties anywhere in the world can now quickly identify the base flood risk for all of their facilities on a globally consistent, apples-to-apples basis, at a resolution of just 90 meters by 90 meters,” he added.
The property insurer’s researchers built on experience and data from over ten external academic and governmental sources to prepare the map – which is designed as a comprehensive, physically based flood map employing hydrologic and hydraulic models and reflecting data on rainfall, evaporation, snowmelt and terrain.
FM Global is set to showcase the map at the upcoming RIMS 2017 Annual Conference from April 23-36 in Philadelphia.