Groundbreaking technology underpins revolutionary approach to modelling
Skipton, UK (Sept. 16, 2019) – JBA Risk Management, the global leader in flood risk management, has 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,” said Stephen Hutchings, Head of Modelling at JBA Risk Management. “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.”
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,” said 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.”
“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,” added Jane Toothill, director at JBA Risk Management. “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.”
About JBA Risk Management
Established in 2011, we are a global leader in flood risk management.
Known as The Flood People®, we offer flood maps, catastrophe models and analytics used by some of the world’s largest insurers, reinsurers, financial institutions, property companies and governments. We’re experts in translating complex, scientific data into useful information, using sophisticated hydraulic approaches and models to provide cutting-edge flood risk intelligence.
As part of the JBA group – a specialist environment, engineering and risk consultancy business established more than 20 years ago – we work closely with leading academic institutions in the field of flood risk. We also support our independent charity, JBA Trust, which enables research, education and training in the water environment sector.
For more information, visit www.jbarisk.com.
© 2019 JBA Risk Management. All rights reserved.
Source: JBA Risk ManagementTags: flood, industry first, launch, predictive modeling