JBA Risk Management launches UK flood model
JBA Risk Management, a provider of flood modelling services, has released a high resolution, multi-peril flood model of the UK to assist the insurance industry place household risks with the new reinsurance facility, Flood Re.
The launch of the probabilistic model is an essential stage in the process of creating affordable domestic flood cover for homes in high-risk areas, according to JBA.
The firm has developed the flood model in collaboration with reinsurance broker Guy Carpenter. Guy Carpenter is reinsurance broker to Flood Re, which is scheduled to go live in the first half of 2016.
The JBA UK flood model is unique in that it includes river, rain and surface water (pluvial), and coastal flooding for the whole of Great Britain and Northern Ireland, according to the firm.
“The model allows insurers to better understand which risks should be ceded into Flood Re and reinsurers to quantify the risk associated with the Flood Re portfolio,” said Jane Toothill, director at JBA.
“The model will also be available to insurers and reinsurers who wish to fully quantify and understand their risk due to flooding in the UK. Although Flood Re will only be reinsuring domestic property, the model is comprehensive. It also includes commercial and industrial buildings.”
Vic Jenkins, managing director, head of technical innovation EMEA for Guy Carpenter, added: “The completion of the JBA UK Flood model for the first time provides access to a truly holistic modelled view of flood risk from all perils and for the entirety of the UK.
