Our Florida Flood Pricing Data provide a quantified measure of flood risk for every census block throughout the state and as a 5m raster dataset. This enables insurers to implement more competitive risk-reflective pricing and helps with risk selection decisions.
The pricing data™ produce an expected annualized cost of flood damage as a proportion of the sum insured. The data are derived from combining information from our leading 5m Florida Flood Maps and defense data (where available) with a location-specific marginal event set and vulnerability function.
Our event sets have been specifically developed at each individual census block, providing a higher degree of accuracy in annualized loss estimates at a single location compared to information derived from a nationwide event set, as might be used in a probabilistic catastrophe model. The granularity provided by location-specific event sets enables an understanding of how flood risk can change from one location to the next to implement more profitable pricing strategies and to achieve an indicative property-level flood assessment for risk selection.
The data can be used to assess the estimated annual financial cost of flood from separate fluvial, pluvial and storm surge flood or for combined flood types. They are also available for residential and commercial lines of business and for separate or combined buildings and contents coverage.
We also account for the impact of fluvial defenses (where they are known to exist) on the estimated damage at each location to provide the most realistic estimate of losses.
For each census block, we provide a range of pricing data with adjustment factors to account for different property elevations. This provides the most realistic estimate of the risk for each property type, more accurately differentiating financial costs between properties such as a ground floor apartment and third floor apartment, which would have significantly different annual damage costs.
The data can be delivered as either a 5m raster dataset or census block boundaries or against a client portfolio of XY locations across Florida. Our Florida Flood Pricing Data are currently close to delivery, with a sample now available for the city of Jacksonville. For more information, please get in touch via the form below.