Sompo Canopius AG has entered into a license agreement with SSBN, which will provide it with flood models and hazard maps for the United States.
SSBN works within the insurance sector, providing global flood risk analytics, which are based on cutting-edge research methods that “provide robust estimates of risk,” said Sompo Canopius in a statement.
Founded by members of the Hydrology Research Group at England’s University of Bristol, SSBN is led by Professor Paul Bates, an authority in the field of flood risk.
To date, Bates has obtained over £29 million ($41.6 million) in national and international research grants and is a recent winner of the prestigious Lloyd’s Science of Risk Prize, the company continued.
“Understanding flood risk in some areas of the US can be notoriously difficult,” said Marek Shafer, head of Catastrophe Management, Sompo Canopius.
“SSBN, which offers a range of modelling tools at the forefront of flood risk research, is an innovative and dynamic organization with a clear and impressive methodology,” added Shafer.
“This relationship will give us significantly greater clarity about these risks across north America, providing a more robust scientific basis for underwriting existing risks and allowing us to consider new locations and products to offer our brokers and clients.”
Source: Sompo Canopius