In this project, the Italian Association of Insurers enquired RED about some flood model results previously obtained for Italy and the South East of Europe in a different project. RED carried out an exhaustive analysis to evaluate the consistency of the flood event generation process, in the case of both defended and undefended areas, thus taking into account the asset vulnerability. Methodological and technical improvements were suggested to obtain a more accurate representation of the flood hazard in Italy.

For the estimation of the losses, the advantages and drawbacks of several commercial tools or scientific methodologies was assessed, including FLEMO (Germany), Standard Method (Netherlands), Atlas Rhine (Rhine), Flemish Model (Belgium), Multi-Coloured Manual (UK) and HAZUSMH (United States). Several factors were taken into account in this comparison, such as the data requirement and the spatial scale. In order to better understand how the damage functions are used in all models, the results of the G-Cat® model (from Guy Carpenter) were analysed for the 2014 flood of Modena (Italy), for residential buildings, using an exposure dataset.