Reinsurance brokerage and advisory JLT Re has partnered with KatRisk, a specialist flood risk modeller, to help it bring enhanced flood risk modeling capabilities to its client base.
KatRisk is a specialist in the flood risk model space, with tools offering flood inundation maps at multiple return periods as well as software to generate location level probabilistic flood losses.
David Flandro, Global Head of Analytics, JLT Re, commented; “We continue to enhance our suite of analytical tools and services to bring the best insights to our clients. As weather-related risk continues to be a growing concern in many regions, it is important that we remain at the forefront of this issue.”
JLT Re sees an opportunity to improve both its flood risk modeling offering and primary pricing of risk services to clients, with the KatRisk flood model enabling it to offer a service that considers both pluvial and fluvial flooding, and fully 2D hydraulic simulations with no lower limit to flood catchment size.
With flood an increasingly talked-about peril, due to the political issues surrounding flood insurance, and opportunities growing in the reinsurance space as more of the U.S. risk becomes privatised, it’s important for brokers to have a rounded offering in this area.
“By adding KatRisk to our portfolio, we are able to analyze customized flood data and translate it into unique and valuable information for our clients,” Flandro said.