FL - Karen Clark & Company Flood Model Certified by Florida Commission on Hurricane Loss Projection Methodology
BOSTON--(BUSINESS WIRE)--Karen Clark & Company (KCC) today announced that the KCC Flood Model has been certified by the Florida Commission on Hurricane Loss Projection Methodology.
The KCC model is the only flood model that has been found acceptable by the Commission.
“We are pleased to deliver to the market the first flood model that has been independently reviewed and certified by an external team of experts,” said Glen Daraskevich, KCC Senior Vice President. “The Florida Commission review process includes verifying a comprehensive set of standards covering all of the meteorological, hydrological, hydraulic, engineering, and actuarial aspects of the model. Each flood model standard was verified through a rigorous audit process extending over a several month period.”
The KCC Flood Model covers coastal flooding from storm surge and inland flooding from extreme rainfall. The model includes a catalog of over 100,000 flood intensity footprints created and stored at 30-meter resolution along with thousands of vulnerability functions accounting for important property features, such as building construction, height, first floor elevation, and other secondary characteristics.
“The private market for flood insurance is relatively small, and most of the residential properties that are currently insured are covered by the National Flood Insurance Program (NFIP),” said Joanne Yammine, KCC Director of Actuarial Services.