Today, we announced the rollout of our high-resolution flood maps and associated pricing data for the continental United States starting with the State of Florida. These new maps enable re/insurers and others with an interest in Florida property to improve their management of the very significant risk of flooding in many parts of the state.
"As communities clear up from the flooding caused by Hurricane Michael, the need for better understanding of flood risk in the state is more apparent than ever", says Matt Reid, Managing Director of JBA Inc., USA. Our Florida Flood Map provides a comprehensive understanding of all three principal types of flood, fluvial (river), pluvial (rainfall) and storm surge flood hazard, across the state at a resolution of 5m. In addition, the associated pricing data translates the flood maps into an easy-to-use tool for insurers to calculate an annualized cost of flooding at any location in the state.
"The JBA maps not only use the most up-to-date terrain data available", comments Matt, "but we have made over 100,000 edits to that data to ensure it appropriately represents the terrain over which flooding will develop."
The level of detail and the use of the very latest data within the maps are particularly important in a state like Florida where there has been a lot of development in recent years. More housing, bigger roads, landscaping and engineering all impact the flood risk. Furthermore, we have collaborated with hurricane, wind and storm surge experts Applied Research Associates, Inc. (ARA) to produce the coastal surge inundation portions of the flood maps.
“Flood is the most prevalent natural peril in the US but perhaps the least understood,” adds Matt. “The result of this is not only a significant insurance gap that impacts many thousands of residences and businesses every year but also a latent market opportunity for insurers. Change may come as a result of the National Flood Insurance Programme (NFIP) reauthorization in November but the need for broad-scale and high-resolution flood data remains critical in understanding the risk and providing appropriate cover. We believe that JBA’s new 5m resolution flood maps will provide the necessary insights to help the market evolve and the insurance gap to narrow.”
The Florida Flood Maps are available directly from JBA or through selected partners and resellers. Get in touch below for more information or read our latest blogs about why the US needs another flood map and whether US flood defences are still fit for purpose.
