Aon Benfield teams up with JBA on UK flood risk modelling
Aon Benfield has formed a partnership with flood modelling specialist JBA to make its probabilistic flood model available on its Elements platform, run by its cat modelling unit Impact Forecasting.
JBA provides detailed flood hazard data to the majority of UK insurers to shape pricing and underwriting strategies. However, insurers are experiencing a variance in the levels of flood risk when using JBA’s data as input into their rating tools versus the results from the vendor catastrophe models, which are used for accumulation analysis and placement of reinsurance treaties.
The companies said that by running the JBA flood model on Impact Forecasting’s Elements catastrophe modelling platform, insurers will be able to unite these strategies.
Angus Milgate, head of Aon Benfield’s UK and Ireland team, said: “Aligning the view of risk between underwriting and reinsurance is a critical step to managing flood risk but we knew some insurers were experiencing a disconnect between the two results. This new approach with JBA means insurers can align model output and evaluation for reinsurance with the levels of flood risk from JBA’s hazard data used for underwriting.”
Jane Toothill, JBA’s director, added: “We’re delighted that Aon Benfield and Impact Forecasting have chosen to make the JBA UK probabilistic model available via Elements . Elements is the platform of choice for many re/insurers; we’re pleased they’ll now have easier access to our high quality UK model, in a trusted and familiar environment.”
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