Aon has launched the Florida Flood v3.0 model for assessing flood risks in Florida, which achieved certification from the Florida Commission on Hurricane Loss Projection Methodology (FCHLPM).
This certification recognises the model’s capabilities in aiding reinsurers with rate filings by quantifying flood risks from various weather systems.
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The model is available in Fathom and Impact Forecasting’s ELEMENTS 18 catastrophe modelling suite.
This includes riverine, surface flooding and tropical cyclone storm surge, which are particularly relevant given Florida’s vulnerability to frequent and intense storms.
This open, multi-vendor platform’s key features include high-resolution hazard footprints, annual average loss and probable maximum loss estimates, and first-floor building height calculations based on detailed terrain data, building codes and flood inundation depths for modelled locations.
It also shares a stochastic and historical event catalogue with the Atlantic Tropical Cyclone – Wind (FCHLPM) Model v2.0 and the US Flood Model v3.0, ensuring comprehensive coverage of potential flood scenarios.
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By GlobalDataWith a catalogue of 92,000 non-tropical and 56,000 tropical cyclone events, the model offers extensive simulation capabilities.
Furthermore, the Florida Flood v3.0 model incorporates structural flood defences from various governmental data sources and allows for separate modelling of pluvial, fluvial and storm surge sub-perils.
Aon Impact Forecasting regulatory and compliance lead David Colbus said: “Aon’s new flood model supports our clients with rate-making and underwriting as they seek to navigate volatility and build resilience in their Florida portfolios.
“As we continue to evolve our modelling suite and innovate on behalf of clients, we enhance clarity and confidence around flood exposures and assist the pursuit of profitable growth opportunities – which requires the accurate assessment and pricing of risk.”
In its Q3 2024 results update last month, the company reported revenues of $3.72bn, a 26% surge from the third quarter of 2023. The growth was supported by revenues generated from the NFP acquisition, as well as a 7% increase in organic revenue.
