Fathom launches Global Flood Cat model

As large-scale flooding increasingly contributes to global insured losses, accounting for $14 billion of 2023’s insured nat cat loss total, according to reinsurer Swiss Re, flood risk intelligence firm Fathom has launched Global Flood Cat, a catastrophe model for comprehensive flood risk assessment.

Built upon Fathom’s Global Terrain Data, FABDEM+ and its Global Flood Map, Global Flood Cat offers comprehensive multi-peril coverage, a customisable toolkit, advanced uncertainty representation, best in class components, global exposure data, and more.

The company describes its new model as the next step in risk management for companies looking to evaluate the financial risk of the flood peril.

“From enhancing insurers’ view of risk by ‘filling flood gaps’ and providing an alternative view of risk, to enabling greater accumulation management, planning and premium setting, Fathom’s new model is a key resource for those looking to make informed decisions,” says the firm.

Global Flood Cat was designed with flexibility in mind and enables users to incorporate their own view of risk directly into the model through options such as user-supplied vulnerability, hazard and vulnerability scaling, and bespoke, location specific flood defense assumptions.

Fathom states that this new model is the most complete and customizable flood-related financial loss tool available, offering an unparalleled approach to understand, quantify and manage flood risk across all related perils, be it rainfall, river, or coastal.

According to Fathom, it’s the first model of its kind to calculate the financial risk for all major flood perils mentioned above, and represents the next step in advanced risk management practices for underwriters, exposure and accumulation managers, capital teams, actuaries, pricing teams, and investors.

“For those looking to significantly improve their view of flood risk, Fathom’s Global Flood Cat is fully Oasis-enabled and available on a number of multi-model platforms, including Nasdaq’s Risk Modelling for Catastrophes platform and Moodys’ recently launched Open Modeling Engine,” explains the firm.