Insurers are now able to analyse floods at individual property level across the whole of the United Kingdom (UK) thanks to JBA Risk Management’s newly updated Flood Model.
The model is underpinned by JBA’s widely-used 5m UK Flood Map and enables the re/insurance industry to more effectively manage flood risk by providing a nationwide analysis at individual building footprint level.
JBA say the update incorporates river, coastal and surface water flooding for the whole of Great Britain and Northern Ireland, where one-in-five properties are at risk to floods.
Economic losses currently stand in the region of £500 million, a figure expected to rise under future climate scenarios. To combat this, JBA’s updated model claims to bring the latest science and data to the forefront of flood risk management practices.
Jane Toothill, Director from JBA, commented, “The model is supported by realistic loss simulation and is validated by historical event stress testing.
“It is also able to analyse postcode or geocoded exposure data at building level. As a result, it presents a consistent and comprehensive view of risk across property portfolios.”
James Lay, Commercial Director of ModEx, added, “JBA is delivering a new level of granularity in their UK Flood Model, making their flagship product more relevant than ever to the re/insurance market.”
“Through ModEx, firms can easily access JBA’s models and the rapidly growing Oasis ecosystem in one place – for all their cat risk modelling needs.”
The model is also immediately available in JBA’s JCalf platform and Impact Forecasting’s ELEMENTS software.
