Impact Forecasting, Aon Benfield’s catastrophe model development team, has launched a new version of its catastrophe model to enhance understanding of the financial impact of floods in Poland. Aon Benfield is the global reinsurance intermediary and capital advisor of Aon plc.
The model provides guidelines for rate calculation and risk zoning, offering a tool for accumulation management and helps drive decisions on reinsurance purchases, including all Solvency II regulatory requirements. In addition, the model can be customized to reflect an insurer’s individual claims history and can respond to provide real-time loss estimates during a current flood event.
Features of the model include:
- Locally sourced hydrological data for over 200 stations combined within a 2D flood model to identify areas susceptible to flooding
- More than 60,000 km of rivers, quadrupling the length of currently modelled rivers
- More than 9,000 km of levees, characterized by the location and height
- 120,000 probabilistic events designed to represent flooding patterns during different seasons of the year
- 16,500 industrial estates used to localize industrial assets
- 1997 and 2010 events included to calculate the as-if loss estimates for today’s portfolios
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