The JBA Risk Management probabilistic UK flood risk model has been included in the Elements platform by reinsurance broker Aon Benfield and a range of JBA flood models have also been added to the Boat Oasis shared services risk modelling platform.
Aon Benfield said it was teaming up with JBA to help users of Impact Forecasting’s ELEMENTS platform obtain a better grasp of increasing flood exposures.
JBA’s probabilistic UK flood risk model provides hazard data to the majority of UK insurers, helping them to shape pricing and underwriting strategies. Aon Benfield notes that insurers can find a variance in the levels of flood risk when using JBA’s data as an input into their rating tools, versus the results from the main vendor catastrophe models which are used analysing accumulation risk and for placing reinsurance treaties.
By running the JBA flood risk model on Impact Forecasting’s ELEMENTS catastrophe modelling platform, Aon Benfield aims to help its clients to unite these strategies.
Angus Milgate, head of Aon Benfield’s UK & Ireland team, said; “Aligning the view of risk between underwriting and reinsurance is a critical step to managing flood risk but we knew some insurers were experiencing a disconnect between the two results. This new approach with JBA means insurers can align model output and evaluation for reinsurance with the levels of flood risk from JBA’s hazard data used for underwriting.”
Jane Toothill, JBA’s Director, added; “We’re delighted that Aon Benfield and Impact Forecasting have chosen to make the JBA UK probabilistic model available via ELEMENTS. ELEMENTS is the platform of choice for many re/insurers; we’re pleased they’ll now have easier access to our high quality UK model, in a trusted and familiar environment.”
Also announced today, JBA Risk Management is the first flood modeller to integrate its probabilistic models onto the Boat Oasis platform, the catastrophe risk modelling shared service built on the Oasis Loss Modelling Framework.
JBA’s United Kingdom, Italy, Continental Europe, Thailand, India, Sri Lanka and Vietnam probabilistic flood models are available via the open architecture facility.
JBA Risk Management’s Director, Jane Toothill, said; “There is a growing awareness that it’s important for global insurers and reinsurers to consider multiple views of risk. The Boat Oasis initiative enables companies to benefit from the knowledge of a far wider range of organisations than was previously possible. JBA’s collaboration with Boat Oasis helps provide the market with access to a range of high quality, fully transparent flood models via a robust, secure and cost-effective platform.”
Jamie Khurshid, CEO of Boat Services Ltd, added; “We are delighted to offer JBA’s range of flood models on our secure shared services platform. This demonstrates our dedication to expand the Boat Oasis platform and offer the (re) insurance industry a better understanding of risk globally.”
Oasis Chief Executive, Dickie Whitaker, also said; “Oasis was designed to help save costs and encourage new entrants into the market as efficiently as possible. We are therefore pleased to see this collaboration between JBA Risk Management and Boat Oasis which should benefit all.”