10 February 2016 Insurance

Sompo Canopius teams up with flood hazard data firm

Global specialty re/insurer Sompo Canopius has entered into a licence agreement with SSBN, which will provide it with flood models and hazard maps for the US.

SSBN was founded by members of the University of Bristol’s Hydrology Research Group. It provides global flood risk analytics based on cutting-edge research methods to provide robust estimates of risk.

It is led by Professor Paul Bates, an expert in the field of flood risk, who has to date obtained more than £29 million in national and international research grants and is a recent winner of the prestigious Lloyd’s Science of Risk Prize.

SSBN works within the insurance sector providing analytics across multiple territories worldwide. The company also works across other sectors including development and aid and with various non-governmental organisations (NGOs).

Marek Shafer, head of catastrophe management, Sompo Canopius, said: “Understanding flood risk in some areas of the US can be notoriously difficult.  SSBN, which offers a range of modelling tools at the forefront of flood risk research, is an innovative and dynamic organisation with a clear and impressive methodology.

“This relationship will give us significantly greater clarity about these risks across north America, providing a more robust scientific basis for underwriting existing risks and allowing us to consider new locations and products to offer our brokers and clients.

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