JBA Risk Management® has updated its UK Flood Model and now offers insurers the ability to analyse flood at individual property level across the whole of the United Kingdom. This enables the re/insurance industry to more effectively manage flood risk.
The model provides a breakthrough for flood risk assessment by enabling nationwide analysis at individual building footprint level. Incorporating river, coastal and surface water flooding for the whole of Great Britain and Northern Ireland, the model is underpinned by JBA’s leading 5m UK Flood Map, already used by the great majority of UK insurers.
In the UK, one in five properties are at risk to flood and annual economic losses are estimated to be in the region of £500 million. This is expected to increase across the UK under future climate scenarios. The updated UK Flood Model brings the latest science and data to the forefront of flood risk management practices.
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.
For added user support, simplified access to the model and ease of user integration, JBA’s latest UK Flood Model is available on the market-leading Nasdaq Risk Modelling service, powered by the Oasis Loss Modelling Framework.
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 Nasdaq Risk Modelling, 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.
For more information, visit the UK Flood Model page or read our executive briefing.
