The global leader in flood risk management, JBA Risk Management, launched the first probabilistic global flood model, which allows re/insurers to model river and surface water flood at 30 meters (98.4 feet) resolution worldwide.
The Global Flood Model not only fills gaps left by currently available catastrophe models, but, for the first time, enables consistent comparison of loss across country and continental borders, said JBA in a statement.
“The Global Flood Model opens up a whole world of new opportunity. Firstly, it presents users with a probabilistic flood model for any country and thereby eliminates the coverage gap. This is a huge step forward. Secondly, the system is unprecedented in its flexibility, enabling users to customise the model to create the view of risk most relevant to their portfolio,” commented Stephen Hutchings, Head of Modelling at JBA Risk Management.
The model is underpinned by JBA Risk Management’s groundbreaking modeling technology, FLY, which has enabled a revolutionary approach to modeling flood, said JBA. FLY not only permits risk quantification for any location across the world, but also removes the rigidity of traditional flood models by eliminating the need to embed assumptions into the model. This new approach enables users to investigate and customise every aspect of the model when analyzing a portfolio, including the data, parameters and assumptions.
JBA said it will continue to provide its view of flood for users looking for expert guidance.
The model is easy to access as it runs within the Oasis Loss Modelling Framework and is available via JBA consultancy services or via in-house installation, the Skipton, England-based modeling company continued.
Dickie Whitaker, CEO of Oasis, commented: “JBA Risk Management has taken a bold new approach in overcoming the challenges of creating a global flood model. This is a significant development which we hope will be transformative for the industry. Its compatibility with Oasis is a key benefit, making the model easily accessible to the market, and allowing users to model other perils alongside flood.”
Jane Toothill, director at JBA Risk Management, added: “Gaps in global coverage, often in important flood-prone regions, have proved costly for (re)insurers and the market has long been demanding consistent and transparent global data. We knew we had to think differently in order to overcome the challenges of creating a global flood model and JBA’s FLY was the technological breakthrough we needed. This is a really exciting new direction for the modelling industry.”
Source: JBA Risk Management
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