What You Don’t Know About Flood Can Hurt You
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Property insurance underwriters urgently need to ask themselves if they understand the shortcomings of standard floodplain mapping well enough to continue covering flood risk. Read the full blog post here: http://www.genre.com/knowledge/blog/what-you-dont-know-about-flood-can-hurt-you.html
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What You Don’t Know About Flood Can Hurt You
- 2. Floods rank in the top 10 global insured losses by value with a total insured loss of USD 15.3 billion
- 3. Floods rank in the top 10 global insured losses by value with a total insured loss of USD 15.3 billion 2012 Sandy $25B
- 4. Floods rank in the top 10 global insured losses by value with a total insured loss of USD 15.3 billion 2005 Katrina $47B 2012 Sandy $25B
- 5. Floods rank in the top 10 global insured losses by value with a total insured loss of USD 15.3 billion 2005 Katrina $47B 2012 Sandy $25B $4B 2012 Europe Flooding
- 6. Floods rank in the top 10 global insured losses by value with a total insured loss of USD 15.3 billion 2005 Katrina $47B 2012 Sandy $25B $4B 2011 Thailand Flooding 2012 Europe Flooding $15B Source: Central Europe Flooding by Jargo / CC BY-SA 3.0.
- 7. Floods rank in the top 10 global insured losses by value with a total insured loss of USD 15.3 billion more than 20 times Thailand'sannual propertypremiums. 2005 Katrina $47B 2012 Sandy $25B $4B 2011 Thailand Flooding 2012 Europe Flooding $15B Source: Central Europe Flooding by Jargo / CC BY-SA 3.0.
- 8. In Canada, there are twiceas many flood events as other meteorological disaster events.
- 9. In Canada, there are twiceas many flood events as other meteorological disaster events. 43% Flood
- 10. In Canada, there are twiceas many flood events as other meteorological disaster events. 43% Flood 16% Hail/Thunderstorm
- 11. In Canada, there are twiceas many flood events as other meteorological disaster events. 43% Flood 16% Hail/Thunderstorm 12% Wildfire
- 12. In Canada, there are twiceas many flood events as other meteorological disaster events. 43% Flood 16% Hail/Thunderstorm 12% Wildfire 9% Winter Storm
- 13. In Canada, there are twiceas many flood events as other meteorological disaster events. 43% Flood 16% Hail/Thunderstorm 12% Wildfire 9% Winter Storm 20% Other
- 14. 2013 Calgary Floods: Total damage estimates exceeded C$45 billion. Vancouver earthquake: C$17-22 billion for a 500-year event Quebec flood: C$4.8-5.8 billion for a 500-year event BC flood: C$7-10 billion for a 500-year event Alberta flood: C$0.6-1 billion for a 500-year event Ontario flood: C$5 billion for a 250- to 500-year event Data source: Public Safety Canada, 2007
- 15. 2013 Calgary Floods: Total damage estimates exceeded C$45 billion. Vancouver earthquake: C$17-22 billion for a 500-year event Quebec flood: C$4.8-5.8 billion for a 500-year event BC flood: C$7-10 billion for a 500-year event Alberta flood: C$0.6-1 billion for a 500-year event Ontario flood: C$5 billion for a 250- to 500-year event Data source: Public Safety Canada, 2007 In terms of insurable damages, costliest disaster in Canadian historyat C$2.25 billion.
- 16. But how accurate is the data being used to underwritethisexposure? Beware of false knowledge; it is more dangerous than ignorance.
- 17. Do insurers understand floodplain mapping well enough to underwrite the risk due to flooding
- 18. Northern Canada Central Canada Eastern CanadaWestern Canada 2013 Survey of Canada’s Largest Property/Casualty Companies No Don’t Know Yes No Response
- 19. The FederalPublic Safety Department acknowledged the issue and ordered a new study to surveyflood mapping in six countries, includingthe U.S. Floodplain map boundaries are only as accurate as the topographic map on which they are drawn. Due to the small scale of Survey maps, the flood boundaries cannot be precisely mapped… Maps do not always represent exact conditions on the ground.
- 20. How do we improve understanding of the Flood Risk
- 23. Flood Maps and Mapping Errors Return Periods Increased understanding of:
- 24. Flood Maps and Mapping Errors Geocoding and Geocoding Errors Return Periods Increased understanding of:
- 25. Transforming information into knowledge is a competitive advantage. Remember
- 26. Return Periods For Flood Zone boundaries, indicate the chance of flood waters exceeding that level. For the 100-year flood plain, the highest point of the water has a 1% chance of being exceeded in any year.
- 27. Flood Maps Represent the primary flood risk assessment tool used by municipalities, insurance companies, banks, etc. They do not evaluate individual properties and are very broad-based.
- 28. The 100-year flood plain is 33 meters, so everything below the line is Zone A. All houses look the same on a flood map. Is the exposure the same? 100-Year Flood Elevation 31 m. 34 m. 32 m. 33 m. 30 m. 36 m. 39 m. 33 m.
- 29. Not all locations in the 100-year zone are the same. Don’t rate them that way. 64 meters elevation 67 meters elevation 67.5 meters elevation 100 meters elevation
- 30. Geocoding Assigns geographic coordinates to street addresses. Hazard mapping using geocoding technology highlights areas that are vulnerable to a particular hazard, allowing the industry to better determine if a specific location is subject to natural hazards.
- 31. Rooftop Resolution Inputting an address provides the latitude/longitude coordinates of the center of the parcel. Inputting an address provides the latitude/longitude coordinates of the street in front of where the building is inferred to be. Street Level
- 32. Rooftop vs. Street Resolution 1208 1208 SILVER LEAF CIR 1264 OAK CREST DR 1264 1223 1213 1217 1263 OAK CREST DR 1263 1228 SILVER LEAF CIR 1228 1255 1256 1260 1259 1260 OAK CREST DR 1256 OAK CREST DR 1232 SILVER LEAF CIR 1259 OAK CREST DR 1255 OAK CREST DR 1217 SILVER LEAF CIR 1223 SILVER LEAF CIR Courtesy of NAVTEQ and CoreLogic
- 33. Calgary 2013 Aerial photo of a flooded Calgary Stampede stadium and Saddledome. Source: The Canadian Press/Jonathan Hayward
- 34. Using the Latest Mapping Technology Imagery Ⓒ2014 Google, Map data Ⓒ2014 Google There is a 268-meter difference between the mapped point and where water actually started entering the facility. If you were underwritingthis risk, would “closeenough” be good enough?
- 35. Underwriting using only standard flood maps misses half the properties at risk.
- 36. About 30% of multi-claim properties located in flood zones are considered to be moderate or minimal risk. Don’tbefooled.
- 37. Be vigilant about examining flood exposure, risk by risk. Use all tools and technology available and understand their limitations.
- 38. Analyze elevation and topographical features that surround a risk. To avoid adverse selection, uncover as much informationas possible. And know whento investigate further.
- 39. Remember the old saying, Close in flood underwriting puts you at great risk. “Closeonlycountsinhorseshoes andhandgrenades.”
- 40. For more informationon underwritingflood exposure, contact Tim Pappas. © 2014 General Re Corporation | This presentation is intended to provide background information to our clients and professional staff. It is time sensitive and may need to be revised and updated periodically. /in/timpappasin +1 212 341 8021p tpappas@genre.come t @timothy_pappas