More than 200 million people and two-thirds of the 48 contiguous states are at risk from flooding, according to Edward Clark, director of the U.S. National Water Center. This demonstrates the major threat that flooding poses to the reinsurance industry in the U.S.

In light of this hazard, the U.S. private insurance market is growing, with 2017 reporting $600 million in premiums, an increase of $217 million over 2016.

But why isn’t this figure higher? And, why do approximately 85% of U.S. homeowners lack flood insurance policies?

One of the key reasons, among many, for low private insurance penetration stems from the inadequacy of current flood data, such as FEMA’s, to fully assess this hazard.

Many parts of the U.S. have experienced extensive redevelopment since the creation of the industry-standard FEMA flood maps, and these redevelopment changes haven’t been adequately captured in flood maps—until now.