As catastrophe modeling firms began tracking potential damage from the winds of Hurricane Rita this afternoon, reinsurer Swiss Re said that its proprietary cat model can now analyze exposures to the perils of river flood and storm surge in the United States.
According to Swiss Re, the patent-pending approach to modeling these perils within its MultiSNAP catastrophe model has industry wide implications--potentially enabling insurers to accept and manage a line of business previously thought of as uninsurable.
"This technology provides for substantial benefits, but perhaps most important is that adequate coverage now can be provided where initially it was excluded, insufficient or even not available," Swiss Re said in a statement.
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