Groundbreaking technology underpins revolutionary approach to modelling
The global leader in flood risk management, JBA Risk Management, today launched the first ever probabilistic global flood model. This model allows re/insurers to model river and surface water flood at 30m resolution worldwide.
It not only fills gaps left by currently available catastrophe models, but, for the first time, enables consistent comparison of loss across country and continental borders.
“The Global Flood Model opens up a whole world of new opportunity. Firstly, it presents users with a probabilistic flood model for any country and thereby eliminates the coverage gap. This is a huge step forward. Secondly, the system is unprecedented in its flexibility, enabling users to customise the model to create the view of risk most relevant to their portfolio,” comments Stephen Hutchings, Head of Modelling at JBA Risk Management.
The model is underpinned by JBA Risk Management’s groundbreaking modelling technology, FLY, which has enabled a revolutionary approach to modelling flood. FLY not only permits risk quantification for any location across the world, but also removes the rigidity of traditional flood models by eliminating the need to embed assumptions into the model. This new modelling approach enables users to investigate and customise every aspect of the model when analysing a portfolio, including the data, parameters and assumptions. JBA will continue to provide their view of flood for users looking for expert guidance.
The model is easy to access as it runs within the Oasis Loss Modelling Framework and is available via JBA consultancy services or via in-house installation.
“JBA Risk Management has taken a bold new approach in overcoming the challenges of creating a global flood model. This is a significant development which we hope will be transformative for the industry,” comments Dickie Whitaker, CEO of Oasis. “Its compatibility with Oasis is a key benefit, making the model easily accessible to the market, and allowing users to model other perils alongside flood.”
Jane Toothill, director at JBA Risk Management, adds: “Gaps in global coverage, often in important flood-prone regions, have proved costly for re/insurers and the market has long been demanding consistent and transparent global data. We knew we had to think differently in order to overcome the challenges of creating a global flood model and JBA’s FLY was the technological breakthrough we needed. This is a really exciting new direction for the modelling industry.”
For more information on this revolutionary new model, please get in touch, or read more about catastrophe modelling at JBA.
