We’ve recently released the latest version of our UK Flood Model, which now combines JBA’s market-leading 5m UK Flood Maps with a revolutionary new approach to catastrophe model development.
This means the model is now not only the highest resolution on the market, but also the most flexible, with almost every parameter of the model modifiable by the user.
But what exactly does this mean?
JBA’s modelling technology redefines the traditional approach to catastrophe model development. For the first time ever, users can now build their own model for anywhere in the world. Our modelling technology removes traditional pre-built parameters and instead brings the model into being on-the-fly at run-time, specific to locations from a portfolio, enabling users to produce analysis tailored to their individual requirements and specific exposure. Analyses are optimised by only querying the relevant hazard and damage data for the user’s exposure.
This means:
It’s important to note that while users can modify model parameters, JBA will always provide a recommended view of risk and default parameters.
This new technology enables users to modify and customise all hazard data within the model:
Users can now modify and customise the vulnerability data and settings used within the UK Flood Model:
The model moves away from the traditional, rigid method of estimating uncertainty by sampling from predefined distributions and instead using the uncertainty in the actual data to inform the uncertainty in the loss.
This method perturbs hazard depth and damage ratios by scaling values, runs an ensemble of the perturbations, and calculates uncertainty from the ensemble output.
Users can modify the number of runs to suit their own sensitivity analysis needs.
The UK Flood Model comes with multiple location analysis options to meet different needs – exposure locations can be imported at lat/long or aggregated to various levels, from postcode to country level.
Building footprints can be used to cover different lines of business, with specific building footprints for commercial and industrial sites and caravan parks.
Within these, users can modify a number of parameters, including:
And many more.
This flexibility and model customisation means users can truly own their view of risk for the first time, with a deeper understanding of the different parameters impacting loss and the ability to produce tailored analysis specific to individual requirements. This all helps with:
While user customisation options are vast, the model remains easy to use and easy to access. The model is available via intuitive, user-friendly interfaces, including JBA’s new User Interface, Nasdaq Risk Modelling for Catastrophes, Oasis LMF, and ELEMENTS from Aon's Impact Forecasting team.
These complement JBA’s standard consultancy offering, as well as in-house installations.
If you'd like more information about the model or would like to discuss a test and evaluation free trial, get in touch with the team.
Access the latest analysis and insights into UK flood risk today. Request your free copy of JBA's latest white paper.