Catastrophe modeling differs from risk scoring in its approach to risk quantification, technology and application. Catastrophe modeling utilizes a sophisticated mathematical framework to first estimate the probability and severity of a flooding event, the extent of damage resulting from such an event, and finally an insurer's financial exposure based on the insurance conditions.
The CoreLogic US Flood Catastrophe Model (Flood Model) is a detailed probabilistic portfolio model that fully addresses both riverine and coastal surge risk in the US. The Flood Model represents the state-of-the-art in flood modeling and meets the demand from the insurance industry for a means to financially quantify flood risk in a manner consistent with other natural catastrophe perils. Using a robust stochastic event set, the Flood Model uses advanced techniques and the latest research to simulate the frequency and severity of possible river and coastal surge events to determine loss potential for residential, commercial and industrial facilities.
An integral part of any portfolio management or risk transfer function, the Flood Model is quickly emerging as an underwriting tool as well with capabilities extending to the policy- or location-specific level.
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