New data enables first flood insurance excess policy
New flood data from JBA Risk Management has enabled UK homeowners in high flood risk areas to get insurance cover for their excesses for the first time.
JBA, which provides natural hazard modelling services for the re/insurance industry, has enabled this through its dataset which, for the first time, provides a long-term indication of the annual cost of flood damage at individual property level.
The company said that this higher-resolution data provides more accurate information for the pricing of premiums to cover the excess charge on flood claims.
Under the new scheme, called Flood Excess Insurance, property owners who face an excess of up to £15,000 can now insure this charge for an annual premium of less than 4.5 percent of the excess.
The scheme has been arranged by Policy Excess and uses the JBA data hosted by emapsite, a provider of online geographic data solutions, on its on-demand data as a service (DaaS) location platform.
Jill Boulton, director of JBA Risk Management, said: “Our flood data offering is a perfect combination of state-of–the-art data delivery and hydrological science. Our partnership with emapsite is both innovative and pragmatic.
“It offers insurers swift, high performance access to essential data to inform their analysis and decisions. We are delighted that Flood Excess are using our annual damage ratio (ADR) data to assist property owners who can face crippling excess charges.”
Chris Netherton, managing director of specialist flood excess insurance provider Flood Excess Insurance, added: “After a thorough selection process we incorporated JBA’s ADR data into our pricing and operational processes, and outsourced supply to emapsite, who provide a valuable liaison function between ourselves and JBA, together with online access to the latest ADR data via their DaaS capabilities”.
James Cutler, emapsite chief executive, said: “We are delighted to be providing data enrichment services to Flood Excess. JBA’s recognised leadership in hazard modelling and commitment to helping insurers manage and mitigate risk make them an ideal emapsite partner. We are proud of what we have achieved to date with JBA and are excited to add ADR data to our location content platform.”
