Norwich Union is about to unveil the first phase of their latest technologically advanced system that rates the risk of floods for individual households when categorising insurance. Until now, most properties have been categorised according to postcode but the new system will allow each individual household to be risk rated.
The technology used is the same as used by the US military to program missile guidance systems. Jill Boulton, pricing manager at Norwich Union said: "the data allows us to clearly see the level of flood risk to homes - one in 75-year, one in 100-year or one in 150-year events. It will provide the underwriters with detailed data on which they can rate risks"