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

Sleighing the risks by giving Santa the insurance he needs
While you might be the most magical employer in the world, we know that even you aren’t immune to the risks of running a global delivery service! From
Diversity improving in insurance and long term savings
Key figures from the Association of British Insurers’ latest Diversity, Equity and Inclusion (DEI) data collection highlight the work of insurers and
Almost a third of homeowners have been victims of burglaries
Research commissioned by Co-op Insurance reveals that almost one in three (29%) homeowners have been the victims of theft from their home. The member-

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.