JBA launches probabilistic global flood model

JBA Risk Management has today launched what is thought to be the first ever probabilistic global flood model. The Global Flood Model allows re/insurers to model river and surface water flood at 30m resolution worldwide, enabling 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.

JBA’s new model runs within the Oasis Loss Modelling Framework. Dickie Whitaker, CEO of Oasis, explained: “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. 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.”

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