Flooding continues to pose a significant risk for re/insurers writing in the UK – now and under a changing climate. 
New JBA estimates suggest:
- 1 in 4 UK properties at risk to flood.
- Over 10% of these properties are at risk to multiple flood types, increasing the likelihood of a costly claim.
- Annual average losses of £527 million to residential properties from flood. This rises to £1.9bn without the mitigating effect of existing flood defences.
- Without the mitigating effect of flood defences, losses could be 360% higher for all flood types, 1300% higher for coastal flood, and 295% higher for river flood.
- Property level protection could reduce losses by 50% if implemented by all at-risk UK homeowners.
- Hull, Bristol, Glasgow, Twickenham and Slough postcodes face highest annual average losses from flood.
Coupled with this, regulatory reporting requires that organisations understand and own their view of risk better than ever before.
Re/insurers need access to not only comprehensive and effective flood data, but also unprecedented flexibility.
JBA has developed its newest UK Flood Model to meet these challenges – already the highest resolution model on the market and now the most flexible, the previous version of the UK Flood Model is used by all three of the world's top reinsurance brokers.
- 5m resolution – highest resolution on the market for identifying localised risk at individual property and portfolio level, covering all three major flood types (river, surface water and coastal).
- Underpinned by JBA’s FLY Technology – almost every element of the model is user customisable, from hazard data to vulnerabilities and sensitivity testing, including climate change views of risk
- Accessible in a variety of ways – underpinned by Oasis LMF and accessible via Nasdaq Risk Modelling for Catastrophes, ELEMENTS from Impact Forecasting’s team, in-house installations and JBA bespoke consultancy services.
Now, re/insurers can understand, manage and quantify flood risk like never before for:
- Competitive primary and reinsurance pricing
- Informed portfolio management and optimisation
- Effective accumulation and capital management
- In-depth ‘what if’ investigation
- Transparent regulatory reporting
Interested in learning more about how this can help you? Leave us your details below to receive further resources and information from the team.
