Improved flood model for UK launched
JBA Risk Management, a provider of flood maps to the UK insurance industry, has released a probabilistic model for flood in the UK. The company claims the model allows for greater precision in assessing exposure than has previously been possible and it offers the highest resolution of its kind for the country.
Dr Jane Toothill, director of JBA Risk Management, said: “Our Great Britain flood model is released at a time when flood insurance for high risk properties and how to finance it are at the top of the agenda. The model will ensure that future options for flood insurance can be priced using objective and accurate flood data.”
The model will provide the industry with a technically advanced and reliable means of calculating return period losses. It incorporates nationwide flood mapping developed using ultra-high resolution 5m digital terrain data and the latest scientific 2D hydrodynamic modelling techniques.
These national maps, already used by many UK insurers for underwriting, are integrated with detailed and up to date flood defence information, a state-of-the-art 10,000 year stochastic event set containing 43,124 extreme river flow events, a detailed built environment database and vulnerability functions calibrated against UK claims data.
The model will be accessible in JBAs catastrophe modelling software JCALF and will also be made available on alternative platforms such as Oasis and RMS (one).
