Flood risk in the UK is a natural event with the largest financial consequence in the UK. Flood risk is also highly susceptible to climatic changes – in particular, temperature changes, which influence rainfall and sea-level changes.
The UK has large urban concentrations in areas susceptible to one or more types of flood risk. For financial services enterprises, this means there are large asset concentrations that may be loan collateral for lenders, and high sums insured at risk for insurers and reinsurers.
FloodSmart Analytics is designed to help clients better understand this risk – from a single lending decision on a mortgage or insurance policy related to a property asset – all the way to the entire loan book or insurance portfolio.
GeoSmart’s flood data is used in millions of UK private property transactions and is deployed by numerous, larger enterprises whose activities impact on all of our lives.
We all understand that we need to be better informed about the impact of climate change on our houses, our businesses and our public assets.
Whether we are building owners, insurers or banks that finance the infrastructure – we all have a stake in dealing with this. Crucially, we need to understand what we can do to reduce the cost of flooding whether it relates to river, sea, surface or groundwater.
How can FloodSmart Analytics help me?
FloodSmart Analytics is a simple concept – understand the components of flood and use that data to model the risk and the mitigating actions. FloodSmart Analytics is the only UK data source that includes all flood key components as individual actors. FloodSmart Analytics can utilise up to 40 years of prior actual historical data.
Who should use FloodSmart Analytics?
Anyone who has exposure to, or responsibility for, flood risk should be using FloodSmart Analytics.
We have designed our product to be useful at a single address/building level all the way up to an entire portfolio or region.
Processing data requests in this way provide highly customisable pricing options which make FloodSmart Analytics accessible to everyone.
Features
- High resolution – true 5m pixel unit (about large room size)
- Individual property identifier (private & commercial)
- Public asset identifier (transport, hospitals, schools etc)
- Flood depth value
- Flood type identifier
- Building type identifier
- Damage value – annual expected
- Damage type – depth & duration
- Portfolio aggregator (buildings portfolio)
- Area aggregator (area affected)
- Highest to lowest risk identifier – sum insured / PML
- Highest to lowest value identifier – outstanding loan collateral pools
- Resilience assessment – benefit of action/inaction
- Damage value – stressed (eg. climate change/Event)
- Links to Environment Agency – flood defence, planning, building regs
- Can accept client/user data for increased risk management view
- Can accept user defined severity/duration amplifiers (what if)
- Can be used in catastrophe modelling
Benefits
- Higher accuracy – greater reliability
- Personal relevance – customer/policy holder engagement
- See interaction with built environment
- The basic value for all decisions
- Better understanding of actions, mitigations & insurance cover
- Fit to your house type – more relevant criteria
- Affordability assessment (including insurance cost)
- Understanding of consequence
- A multi asset, high accuracy tool
- Understanding of area impact
- Ranking of individual risk locations
- Ranking of individual cost locations
- Allows cost v benefit assessment
- Can see alternative future scenarios
- Public expenditure impact on flood exposure
- Risk manager can fully understand flood exposure at granular level
- Risk manager can perform future planning & capital allocation
- Built on per property > accuracy & scale allows drill down to single building
Still have questions? Chat to our friendly team today
We value the quality of all that we do as critically important and our team is goal oriented
Nigel Slack
Michael Eyres Partnership LLP
Geraint Harris
Vitec Consult
We value and strive to achieve Service Excellence as the key to our success.
