Willis Re extends partnerships; develops flood analytics

Willis Re has extended its partnerships with KatRisk and SpatialKey to better manage flood accumulations worldwide for its clients.

This will broaden the existing analytical platform for the US to cover the rest of the world, bringing together Willis Re’s insurance knowledge and analytical expertise, KatRisk’s advanced science and flood models, and SpatialKey’s flood accumulation app.

Following success with clients since the integration of US flood hazard maps into the app, Willis Re and SpatialKey are now working to integrate KatRisk’s global flood hazard maps starting with Japan, China and South-East Asia. Australia, Canada, Latin America and European layers are to follow.

Matthew Eagle, regional director, Willis Re, said: “Demand for a high quality, high resolution global flood solution continues to increase. Insurers need to leverage the latest science and analytical methods to evaluate and manage global flood exposure. The advanced science and accurate risk assessment provided by KatRisk’s approach, delivered via our expanded partnership with KatRisk and SpatialKey, will enable a significant improvement in how Willis Re clients proactively manage their flood accumulations worldwide.”

Vaughn Jensen, executive vice president of Catastrophe Management Services at Willis Re, said: “Willis Re is having tremendous success with offering clients cutting-edge flood analytics through partnering with SpatialKey and KatRisk. The expanded global offering, as well as licensing the complete suite of AIR’s probabilistic flood models, gives our clients access to a wide range of flood analytic solutions.”