“…The reasons behind the calling the results from standard/classical approach as possibly unreliable are, for example, non‐availability of sufficiently large and quality dataset, parameter uncertainty which is usually overlooked (Chandra et al ., 2015). Specifically, the classical approach uses the point estimate of the parameters obtained using different methods, namely L‐moments (Saf, 2009; Haddad et al ., 2011), method of moments (Lück and Wolf, 2016), and maximum likelihood estimation (MLE; Das and Umamahesh, 2017) and hence, not usually accounts for the uncertainty associated with the parameters. To overcome the issues and provide reliable estimates for risk assessment, Bayesian method offers a coherent framework and with advancement in the computational facility.…”