Karen Clark & Company Flood Model First to be Submitted for Certification to Florida Commission on Hurricane Loss Projection Methodology
Boston, MA—March 3, 2020
Karen Clark & Company (KCC) today announced that the KCC Flood Reference Model has been submitted to the Florida Commission on Hurricane Loss Projection Methodology. The KCC model is the first flood model submitted for certification under the state of Florida’s rigorous flood model standards.
“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.”
The KCC Flood Model components are fully transparent so they can be properly verified by the Commission, insurers, and reinsurers. The loss estimates have been validated with billions of dollars of claims data.
“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,” said Glen Daraskevich, KCC SVP. “Furthermore, more than 100,000 high-resolution event footprints are viewable on demand down to the individual property level.”
The KCC Flood Reference Model includes coastal as well as inland flooding and is based on the most current data and scientific techniques, including physically-based hydrologic and hydraulic simulation. KCC scientists conducted extensive analyses of alternative methodologies and digital elevation models (DEMs) to determine the most reliable sources for implementation. For example, detailed analyses showed that the KCC cellular automata method for capturing runoff and resulting surface flooding provides better results than solving the full shallow water equations. Fluvial and pluvial flooding are included in the model.
“The KCC model has been challenging and exciting to work on,” said Dr. Yuanhao Zhao, Senior Hydrologist at KCC. “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.”
About Karen Clark & Company
Karen Clark & Company (KCC) provides advanced models, innovative software, and comprehensive consulting services for deeper insight into catastrophe risk. KCC professionals are globally recognized experts in catastrophe modeling and risk management who work with (re)insurance company executives to enhance business strategies, competitive advantage and financial results. KCC catastrophe models currently cover tropical cyclones, extra-tropical cyclones, severe convective storms, floods, and earthquakes in over 20 countries. For more information, please visit www.karenclarkandco.com.