20 March 2015 Insurance

Willis Re unveils Canadian flood analytics

Willis Re, the reinsurance division of Willis, has unveiled a new suite of flood analytics for the Canadian insurance market.

The reinsurer said this will offer unprecedented analytical capabilities that will enable insurers to proactively manage Canada flood accumulations.

Based on analytics provided by Willis Re’s strategic partnership with KatRisk and SpatialKey, the new solutions include a range of tools which deliver the ability to develop and enhance underwriting and risk transfer strategy, manage and monitor portfolio accumulations, and calculate probable maximum loss (PML) estimations.

Geoffrey Lubert, managing director, Willis Re Canada, said: “With the significant flooding events in both Calgary and Toronto over the past several years, market demand in Canada for a high quality, high resolution flood solution has never been greater. Insurers need to leverage the latest science and analytical methods to evaluate and manage local and regional flood exposure.

“Our suite of flood solutions will provide significant improvements in how our clients proactively manage their flood accumulations here in Canada.”

Dr Tim Fewtrell, Willis flood team leader, added: “In partnership with the Willis Research Network, Willis Re has undertaken significant research and development in this area since issuing the first set of global flood hazard layers in 2010.

“Our team of expert hydrologists has also undertaken a thorough evaluation of the KatRisk product and their approach represents the most accurate assessment of Canadian flood risk available to date.”

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