General Insurance Article - Aon Benfield partner with JBA platform for flood risk


Aon Benfield has teamed up with JBA to run its probabilistic flood model on Impact Forecasting’s award winning ELEMENTS platform to obtain a better grasp of these increasing exposures, following insured losses reaching GBP3bn in 2007, the introduction of FloodRe and rising property values,.

 JBA provides detailed flood hazard data to the majority of UK insurers to shape pricing and underwriting strategies. However, insurers are experiencing a variance in the levels of flood risk when using JBA’s data as input into their rating tools versus the results from the vendor catastrophe models, which are used for accumulation analysis and placement of reinsurance treaties.

 By running the JBA flood model on Impact Forecasting’s ELEMENTS catastrophe modelling platform, Aon Benfield is now enabling insurers to unite these strategies.

 Angus Milgate, head of Aon Benfield’s UK & Ireland team, commented: “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.”
  

Back to Index


Similar News to this Story

Are you testing your smoke alarms often enough
Only 6% of residents follow safety recommendations for smoke alarms. More than one in 10 never test their alarms. Forgetfulness is given as the main r
SolvencyII review EU must unlock capital for Europes future
Insurance Europe welcomes the launch of the European Commission’s consultation on the Level 2 technical measures of the Solvency II review. It is an o
Mapathon puts Worlds vulnerable communities on the Map
The insurance data and analytics team at LexisNexis® Risk Solutions in the United States and Ireland have led a Mapathon in support of Missing Maps, a

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.