Leading data analytics provider Verisk has announced the launch of WaterLine, a new underwriting tool that scores flood risk for all properties in the contiguous United States, helping insurers keep up with the growing number of homes and businesses vulnerable to flood.
WaterLine was developed by Verisk businesses ISO and AIR Worldwide and is based on advanced models of river, surface, and storm surge flooding.
The tool can help insurers underwrite any property, including those not traditionally considered flood-prone.
WaterLine can also help insurers that don’t offer flood insurance serve their customers by providing them with critical information about their level of flood risk.
“For decades, outdated regional flood maps and a lack of detailed risk information have discouraged many property insurers from taking on flood exposure,” said Marc Treacy, Managing Director of flood at ISO.
“As numerous storms over the past few years show, flood is a hazard that homeowners and businesses can no longer ignore. WaterLine provides the critical information property insurers need to assess flood risk confidently.”
WaterLine comes to market just weeks after floods damaged homes and disrupted businesses in communities across the United States following hurricanes Florence and Michael.
The solution scores properties on a zero to 100 relative risk scale and shows the factors contributing to the score; using advanced probabilistic simulations based on hydrologic and hydraulic engineering from AIR’s Inland Flood Model for the United States.
“WaterLine can also help insurers expand into the emerging flood market with underwriting information that can help both personal and commercial insurers achieve profitable growth,” added Treacy.