RMS has launched its inland flood HD model for New Zealand, as it seeks to address the need for risk modelling for the second-largest natural peril for the country.
This is the first probabilistic flood model for New Zealand, constructed using data from various organisations, such as National Institute of Water and Atmospheric Research (NIWA), Land Information New Zealand (LINZ), Insurance Council of New Zealand (ICNZ), and local and regional councils.
The new risk model is available on RMS’ Risk Modeler application, alongside the company’s earthquake model. According to the catastrophe modelling firm, this will allow users to run both flood and earthquake models in the same application and manage over 90% of natural hazard risk in the country.
RMS added that both New Zealand flood and quake models use the high-definition framework which is also used in its award-winning US and Europe inland flood models.
The launch, it said, comes at the right time as insurers are preparing for New Zealand’s mandatory climate related financial reporting regime that will come into effect in 2023. The added insights from the flooding model will better guide insurers in mapping out the effects of their investment decisions.
“This is an exciting time for the market and the Asia-Pacific region, with the New Zealand Inland Flood HD Model and the New Zealand Earthquake HD Model both set to be available on the Risk Modeler application,” said Steffi Uhlemann-Elmer, director, model product management (flood) at RMS.
“Risk Modeler enables re/insurers to unlock the value from two exceptional HD models for New Zealand to create new insights and opportunities. As risks and scrutiny increase, RMS offers re/insurers a comprehensive solution at the right time.
Insurance Business NZ
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