JBA Risk Management has announced the release of its flood model for Thailand, the first nationwide model to enable insurers and reinsurers to quantify their exposure on a probabilistic basis.
“We are proud to be able to offer a probabilistic model that represents a vital step in enabling insurers and reinsurers to quantify their exposures in Thailand” said Dr Jane Toothill, director at JBA Risk Management. “The previous lack of commercial probabilistic models for this significant peril has led to a lack of recognition of flood exposures in Thailand. Now companies can assess the likely severity and frequency of losses to their portfolio using our model.”
The release of the model follows the flooding in late 2011, which had a devastating impact on the country and caused significant losses in the insurance sector, notably at a number of major industrial parks in the Chao Phraya river catchment to the north of Bangkok. JBA Risk Management’s new model is not limited to the area inundated in 2011, but covers all major river systems across Thailand, including the Chao Phraya and Mekong catchments.
“JBA’s ability to develop a highly detailed probabilistic model for Thai flood within only a few months following the event has made a critical difference in our ability to find reinsurance covers for clients facing a hardening market following the unprecedented losses in 2011”, commented Hardial Singh, broker at Haakon Asia Limited and current user of the model.
The model, which runs in JBA’s JCALF catastrophe modelling framework, is being used to analyse the likely exposure of the proposed Thailand Catastrophe Insurance Scheme. It is available for immediate licensing either in JCALF or as separate components including flood hazard maps suitable for underwriting use. Bespoke probabilistic portfolio analyses are also available on a consultancy basis.
|
