Data analytics firm Verisk is touting the launch of WaterLine, an underwriting tool that scores flood risk for all properties in the contiguous United States, helping identify homes and businesses vulnerable to flood.
The product scores properties on a 0-to-100 relative risk scale and shows the factors contributing to the score.
Developed by Verisk’s Information Business ISO and Risk Modeler AIR Worldwide, WaterLine is based on advanced river, surface and storm surge waters. This tool can help insurers and even the National Flood Insurance Program purchase a license – any property, including those that are not traditionally inclined to sele, can be underneath any property.
Acy For ten years, the lack of regional flood maps and detailed risk information dare to prevent many property insurers from being flooded,, says Marc Treacy, ISO’s flood manager. Ve As the countless storms have seen over the past few years, floods are a danger that homeowners and businesses can no longer ignore. WaterLine provides critical information that insurers need to safely assess flood risk. “
Treacy said WaterLine could help insurers to expand into the flood insurance market, with both personal and commercial coverage information. WaterLine can also help private insurance companies, which do not provide flood insurance, provide customers with better information about their flood risk level.
WaterLine comes out a few months after the floods destroyed homes and dispersed communities in the United States: Dane County, Wisconsin, where emergency officials have carried out only 2 percent of recent floods and commercial damage to Ellicott City, Maryland. reported that he was insured for the last flood. According to the National Air Service, he endured the second 1000-year rain event in two years.
When Hurricane Florence struck Carolinas last month with winds, a storm surge and historic in-water flooding, less than 340,000 of the 5 million homes in these states built flood insurance based on US government and AIR data.
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