Willis Re Introduces Suite of Flood Analytics for Canada Insurance Market

Willis Re, the reinsurance division of Willis Group Holdings plc, has unveiled a new suite of flood solutions offering analytical capabilities that will enable insurers to proactively manage Canada flood accumulations.

Based on the analytics provided by Willis Re’s strategic partnership with KatRisk LLC and SpatialKey Inc., the new solutions include a range of tools that deliver the ability to develop and enhance underwriting and risk transfer strategy, manage and monitor portfolio accumulations, and calculate probable maximum loss (PML) estimations.

Willis Re announced its strategic global partnership with KatRisk and SpatialKey in 2013. The latest announcement extends that partnership by bringing together Willis Re’s insurance knowledge and analytical expertise, KatRisk’s advanced flood models, and SpatialKey’s intuitive analytic platform, Willis Re said in a statement.

Geoffrey Lubert, managing director, Willis Re Canada, commented: “With the significant flooding events in both Calgary and Toronto over the past several years, market demand in Canada for a high quality, high resolution flood solution has never been greater. Insurers need to leverage the latest science and analytical methods to evaluate and manage local and regional flood exposure. Our suite of flood solutions will provide significant improvements in how our clients proactively manage their flood accumulations here in Canada.”

Dr. Tim Fewtrell, Willis flood team leader, said: “In partnership with the Willis Research Network, Willis Re has undertaken significant research and development in this area since issuing the first set of global flood hazard layers in 2010. Our team of expert hydrologists has also undertaken a thorough evaluation of the KatRisk product, and their approach represents the most accurate assessment of Canadian flood risk available to date.”

Source: Willis Re

Topics Lawsuits Trends Flood Canada Market Willis Towers Watson