Fathom unveils catastrophe model for flood risk

Flooding is responsible for $14b insured losses in 2023.

Fathom, a flood risk intelligence firm, has introduced Global Flood Cat, a new catastrophe model designed to quantify and manage flood-related financial losses. This model addresses flood risks from rainfall, rivers, and coastal areas. 

With flooding responsible for $14b in insured losses in 2023, the model offers a tool for insurers and risk managers to evaluate financial exposure. 

It boosts risk assessment by filling flood data gaps and aiding in accumulation management, planning, and premium setting.

The model is customisable, allowing users to adjust vulnerability, hazard scaling, and location-specific flood defence assumptions. The model uses Fathom's validated global datasets, including FABDEM+ and Global Flood Map, which have been peer-reviewed in academic journals.

Key features include coverage of all major flood types, user-defined settings for risk assessments, and advanced damage uncertainty representation through Monte Carlo simulations. Fathom’s global exposure data enables accurate calibration for residential, commercial, and industrial properties.

Global Flood Cat is available on multiple platforms, including Nasdaq's Risk Modelling for Catastrophes and Moody's Open Modeling Engine, and is fully Oasis-enabled.