Simplitium, a provider of risk analysis services, has announced that the Sri Lanka Flood Model from global flood risk modeller JBA Risk Management is to be delivered on its multi-vendor ModEx platform.
It’s hoped the move will broaden accessibility of the Sri Lanka model for both insurers and the wider Disaster Risk Reduction (DRR) community.
The announcement follows collaboration between the Insurance Development Forum (IDF) and JBA on modelling the Sri Lanka National Natural Disaster Insurance Scheme (NNDIS) – a state-funded scheme providing protection for low income Sri Lanka households backed by the international reinsurance market.
Dr Iain Willis, Managing Director, Asia-Pacific, at JBA Risk Management commented, “This marks a significant milestone in what has been a very fruitful collaboration between the IDF and JBA.
“Launching the Sri Lanka Flood model on ModEx provides a wider platform for the reinsurance market to access this model ultimately helping build greater flood resilience in Sri Lanka.”
The model has been converted to an open ‘Oasis’ format and updated to include new vulnerability functions, specific to the low-income houses and micro-enterprises covered under the NNDIS scheme in Sri Lanka.
“As part of our support of the IDF, RenaissanceRe is proud to fund development of JBA’s Sri Lanka Flood Model, its application to the Sri Lankan National Natural Disaster Insurance Scheme (NNDIS), and its conversion to an open source format on the Oasis platform,” added Ian Branagan, Chief Risk Officer at RenaissanceRe, and co-chair of the IDF Risk Modelling Steering Group.
“One of our founding tenets is improving the understanding of natural hazard risk through robust catastrophe models. We hope our efforts to improve analysis of risks like Sri Lankan floods will help to enhance disaster risk financing and community resilience in low and middle-income countries while lowering barriers to high-quality hazard and risk information.”
The Sri Lanka Flood Model is available on Simplitium’s ModEx platform as well as JBA’s catastrophe modelling platform, JCalf and Oasis.
Matthew Jones, Head of Product Development at Simplitium commented, “This is a great example of successful collaboration in the industry benefitting the reinsurance community and can be seen as a pathfinder solution for other low and middle-income regions around the world.”
“We are proud to be able to support this important initiative with our ModEx platform and help improve the access to cat models such as JBA’s Sri Lanka Flood.”