US – FIRST AMERICAN SPATIAL SOLUTIONS has introduced its new U.S. Flood Catastrophe Model, a key component of its new suite of Advanced Flood Risk Solutions. The Flood Model is a risk management tool that allows insurance companies to measure their financial exposure to floods at the portfolio, policy and property level.
The new model includes geospatial analytics, basic flood data, flood risk scoring and near real-time monitoring of actual flood conditions. According to a press release, the Flood Model takes into account coastal flooding hazards throughout the U.S., allowing insurers to utilize a single solution for evaluating flood risk.