Simplitium, a provider of risk analysis services, is to expand its catastrophe risk modelling platform ModEx to include the Australia flood model, FloodCat.
The deal struck with modelling specialist Ambiental Risk Analytics means that the ModEx platform will integrate the most detailed building level flood model produced for Australia, providing re/insurers a more sophisticated view of risk.
“By bringing our Australia FloodCat model to Simplitium’s ModEx platform we are able to serve the market in a way which provides greater value to our existing clients whilst simplifying the process of onboarding new clients,” commented Paul Drury, Product Manager at Ambiental.
Ambiental will be the seventh model vendor on ModEx and its product, Floodcat, is a probabilistic river flood loss model allowing firms to estimate losses from fluvial flooding across the entirety of Australia at a postcode and property level.
“We have been big proponents of the Oasis Loss Modelling Framework (LMF) since its inception and are supportive of open and transparent platforms that provide a wider view of risk,” said Drury.
James Lay, Commercial Director of ModEx, comments, added, “By unifying multiple vendors on one platform, ModEx is industrialising the Oasis LMF, making it easier than ever for firms to adopt and use advanced catastrophe risk models.”
“By making their model available on ModEx, Ambiental can offer quicker deployment and easier access, providing re/insurers with an increasingly efficient and cost-effective way to assess their flood exposure in Australia.”