Catastrophe risk modeller Karen Clark & Company (KCC) has submitted its flood reference model to be certified by the Florida Commission on Hurricane Loss Projection Methodology.
The firm claims that its flood model is the first to be submitted under the state of Florida’s flood model standards
The KCC Flood Reference Model includes coastal as well as inland flooding and is based current data and scientific techniques, including physically-based hydrologic and hydraulic simulation.
“This is the latest demonstration of KCC’s leadership in the catastrophe modeling industry,” said Karen Clark, KCC CEO. “(Re)insurers see flood as a potential growth area, and in order to write the business, they require credible high-resolution models they can have confidence in.
“KCC is very pleased to be leading the industry as the first catastrophe modeling company to subject our flood model to the most comprehensive, thorough, and objective external review process,” she added.
Glen Daraskevich, KCC SVP, also remarked: “What’s most impressive about the KCC Flood Model is that it is a very high 30-meter horizontal resolution model that can run on the RiskInsight platform along with the other KCC models. Furthermore, more than 100,000 high-resolution event footprints are viewable on demand down to the individual property level.”
And finally, Yuanhao Zhao, Senior Hydrologist at KCC, commented: “The KCC model has been challenging and exciting to work on. Considering that floods can cover thousands of square miles, building a model that delivers accurate high-resolution results across such a large scale is quite an achievement.”