JBA Risk Management has launched a set of global climate change tools enabling the (re)insurance market, risk managers, and lenders to understand future flood risk in any country in the world.
The suite of tools consists of new customisable Climate Change Flood Models offering high-resolution and probabilistic flood loss modelling for every country in the world, and new Global Climate Change Analytics data providing location-level baseline and future climate analysis of flood risk across the globe. The flood models offer flexibility to incorporate a client’s own data, loss experience and view of risk.
Judith Ellison, climate change commercial lead at JBA Risk Management, said: “As the world’s focus turns to COP27 the launch of our new suite of tools demonstrating how diverse the impact of climate change will be in terms of flood loss and reduction around the world could not be timelier.
“The data not only reveals the complexity of flood risk around the world, and within different countries and regions, but will provide the industry with the insights and knowledge it desperately needs.”
The firm said its tools demonstrate that whilst the US would face an 18% increase in losses from inland flood by the mid-century under an intermediate climate warming scenario (should no mitigating action be taken), there is considerable variation in the impact of climate change on flooding at a state level. Just over half of US states could see an increase in losses from inland flood by 2050 with a reduction expected in other areas.
In the same climate scenario, Canada shows a reduction in flood risk of 18% and 30% in river and surface water losses. However, again, the true picture is more complex with some regions facing major increases, whilst others will see major reductions.
Mainland Europe, under the same mid-century, intermediate warming scenario could see a 14% increase in river flood loss, and a 23% increase in surface water loss with nearly 80% of European countries observing an increase in surface water loss.
