KatRisk Partnership

Normal view (turn off text only mode)
You are here:

In the News

21 June 2016

KatRisk Partnership

Munich Reinsurance America, Inc. (Munich Re, US) has partnered with KatRisk, a catastrophe modeling company based in Berkeley, CA to bring a personal lines inland flood insurance product to market, providing additional coverage options for homeowners in low-to-moderate-hazard flood areas.

The joint effort with KatRisk is one example of Munich Re, US’s investment in developing innovative capabilities, and bringing new risk solutions to its clients. KatRisk’s expertise in quantifying the damage caused by floods led to the development of proprietary flood modeling insights, and the successful launch of Munich Re, US’s flood endorsement. The endorsement works with the insurer’s homeowner or dwelling policy and is designed primarily for policyholders distant from exposed Atlantic and Gulf coastlines.

“Munich Re and KatRisk collaborated to adapt KatRisk’s cutting –edge flood modeling capabilities to build a proprietary underwriting algorithm for the inland flood coverage,” said Tim Brockett, Manager of Strategic Products. “As a result, clients have access to flood risk insights well beyond what is currently available in the marketplace.”

Using sophisticated hydrologic methodology and extremely granular elevation data, KatRisk can assess flood risk at a level of detail not before possible. The flood hazard calculation incorporates both riverine (Fluvial) and surface water (Pluvial) flooding events, with no lower limit on catchment size, and provides a relative risk score at each location based on estimated flood depths.

“The founders of KatRisk have decades of experience building catastrophe models that are used worldwide,” explained KatRisk Co-Founder and CEO Dag Lohmann. “We utilize high-performance graphics processing unit (GPU) data modeling and software to develop views of risk that are state of the art, high resolution and cost effective. We build and test solutions in close collaboration with our clients.”

The lack of flood coverage in most homeowner’s policies created a fundamental gap in insurance needs for inland policyholders. The new Inland Flood Endorsement fills this gap and provides Munich Re, US’ clients with an offering that differentiates them from their competition.

Munich Re’s industry knowledge and experience, combined with KatRisk’s craftsmanship and engineering, has created a solution tool that can contribute to better business decisions.
Clients, agents and policyholders can derive the greatest value from this partnership — in the form of better coverage and better pricing for their individual flood insurance requirements.

Main Navigation
Service Men

© Copyright 2015 Munich Reinsurance America, Inc. All Rights Reserved.


This publication is available exclusively to Munich Re clients. Please contact your Client Manager.