This publish is a part of a collection sponsored by CoreLogic.
2017 was a game-changing 12 months for the insurance coverage business. Between the catastrophic deluge of water dumped in Texas from Hurricane Harvey and the unprecedented underinsurance charges of households whose properties and lives have been affected, there’s been an elevated deal with flood threat by each insurance coverage and reinsurance firms alike.
An in depth evaluation by CoreLogic® in Texas and Louisiana from the rainfall of Harvey confirmed that about 70% of the flood injury was uninsured. After seeing the devastation of the previous 12 months, FEMA’s former Nationwide Flood Insurance coverage Program (NFIP) Director Roy E. Wright mentioned, “Current flooding disasters make even clearer the necessity for FEMA to share extra of the monetary threat from flood insurance coverage with the non-public markets.”
Main world threat and reinsurance specialist Man Carpenter has now licensed the CoreLogic U.S. Inland Flood Mannequin, additional increasing and enhancing the inspiration of their flood threat evaluation capabilities. The licensing serves to cement one other constructing block within the 20+ year-long Man Carpenter/CoreLogic relationship.
The CoreLogic U.S. Inland Flood mannequin permits purchasers to make knowledgeable portfolio threat administration and underwriting selections on flood threat, powered by probably the most full, present, related information out there. It additionally expands modeling objectivity and flood analytics experience of purchasers like Man Carpenter.
CoreLogic has lengthy been a frontrunner in assessing flood threat in a number of industries, with a full suite of instruments to allow purchasers to handle all sources of flood threat, from Level to Portfolio®, from flood determinations for lending functions to catastrophic flood threat assessments for insurance coverage and reinsurance functions and past.
To be taught extra in regards to the CoreLogic U.S. Inland Flood Mannequin or any of the opposite 180+ world disaster fashions, go to www.corelogic.com/options/catastrophe-risk-management.aspx.
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