Method for evaluating flood plain risks

Details Method for evaluating flood plain risks Method for evaluating flood plain risks

2004-01-07

2009-12-01

Koppikar, Vivek D (Department: 3686)

Data processing: financial, business practice, management, or co

Automated electrical financial or business practice or...

Insurance

C705S002000, C705S003000

Reexamination Certificate

active

07627491

ABSTRACT:
A method for evaluating risks associated with flooding in a geographical region comprises the steps of defining the region, dividing the region into a plurality of grid cells, identifying data relating to characteristics of the region within the cells, determining a probability of occurrence of a flood related event in a selected grid cell using the identified data, and determining an insurance premium for the risk. Certain embodiments are implemented using a computer, and involve reference to an alternative source of information regarding the occurrence of flood-related events in a geographical region. In one embodiment, a model is developed and calibrated by reference to data from a first geographic region, and subsequently used to determine the probability of occurrence of a flood event in a second region.

REFERENCES:
patent: 6490573 (2002-12-01), Njemanze
patent: 2002/0010572 (2002-01-01), Orton et al.
“New River Flood Catastrophe Model for the U.K. Quantifies Flood Risk for Insureres and Reinsurers; Markets Respond to Costly Flood Losses in 2000” Business Wire, Oct. 11, 2001. (From Dialog File 15: Gale Group® ).
“Flood Risk-Rising waters, rising losses,” Reinsurance, p. 24, Dec. 16, 2002. (From Dialog File 20: Dialog Global Reporter.).
“What Flood? News' Newest Outlook Goes Virtually Unnoticed” by David Doods; Grand Forks Herald, Final Edition, Thursday, Feb. 21, 2002; p. 1.

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