Flood footprint is based on satellite images and superimposed on insurers’ portfolios
Impact Forecasting has launched a scenario model for the recent German floods. Using event footprints that outline the extent of the flood enables insurers to obtain a more realistic estimate of their specific exposure.
“Incorporating high-resolution satellite images into catastrophe models shows how the insurance industry can benefit if the right kind of remote sensing data are available,” said Impact Forecasting international head of flood modelling Petr Puncochar.
The footprint of the flood event is based on images from the German Aerospace Center (DLR) & Astrium Services/Infoterra GmbH, which are publicly available thanks to the International Charter Space and Major Disasters, and from SERTIT supplied by PERILS.
These footprints are then uploaded to the Impact Forecasting’s loss calculation platform. The hazard is then superimposed onto the insurer’s portfolio to calculate exposed sums insured.
As the flooding is still ongoing, the footprints will be continuously updated with new developments.