Wind and Flood Damage and European Property Risk
Inland flooding and extreme wind are significant hazards for the UK and north-west Europe, and modelling how these hazards co-occur is important to modelling and understanding potential impacts.
The project team researches flood and wind risks to property in the UK and mainland Europe. Outputs have included a new Flood Severity Index (FSI), which can be used to help insurers understand compounding risks, and a demonstrator tool (below) which shows multiple correlations between wind and flood hazards in Europe across multiple timescales. The team are also developing a simple model to estimate insurance property losses from European Windstorms.
The team work directly with financial institutions and industry stakeholders, including participation in workshops and collaboration with insurers/reinsurers, mortgage providers and risk/catastrophe modellers.
The Wind/Flood Risk Correlation Explorer demo displays correlations for wind gust vs precipitation or river flow, as well as correlations between the team’s new Flood Severity and Storm Severity indices. The demo was developed by CGFI researchers based at the University of Bristol, University of Reading and Institute for Environmental Analytics.