UK-based flood science specialist JBA Risk Management has partnered with South African non-life insurer Old Mutual Insure for the use of its detailed flood maps in the country.
Haydn Marchant, re/insurance Specialist, JBA Risk Management, commented on the partnership, “We are delighted to be working with Old Mutual Insure to help it understand and manage its flood risk in South Africa. Informed decision-making around flood is critical in building future resilience for both the insurance market and its customers.”
Established in Cape Town in 1831, Old Mutual Insure will obtain a detailed underwriting insight into its flood exposure and will open up wider access to affordable reinsurance capacity. The insurer will be enabled to better underwrite flood risks in both personal and commercial lines.
The initial one-year deal is the third in the last 12 months for JBA in South Africa. The insurer will access JBA’s flood data using JBA’s Fly vis online platform which provides property-level flood risk data for any location.
Ronald Richman, Chief Actuary, Old Mutual Insure South Africa, added, “Flood risk is growing in South Africa with devastating impacts on both people and businesses. Gaining access to JBA’s location-level flood data means that we will have a much more informed view of flood risk which will enhance our capability in underwriting flood exposure.
“As a result, we will be able to offer an improved and more appropriate flood risk cover for our clients and ensure our business model remains robust and climate-change ready.”
In April 2022, a long period of heavy rain in the KwaZulu-Natal region caused flooding and mudslides in Durban and surrounding areas, affecting over 40,000 people and leaving a trail of destruction.
