FLOOD RE SELECTS JBA RISK MANAGEMENT TO DEVELOP MODEL

Flood Re broker Guy Carpenter has selected flood modelling specialist JBA Risk Management to develop a probabilistic loss model for flooding in the UK. The new flood model will aim to provide a more complete and sophisticated picture of the flood risk being underwritten by Flood Re. The multi-peril flood model will use the latest technology to simulate flood risk at an unprecedented level of detail and will be the first model to combine river flood, coastal surge and surface water flood for the entire country, including Northern Ireland. The collaboration between JBA Risk Management and Guy Carpenter will last for an initial three years, with JBA making annual upgrades to the model as Flood Re matures. The scheme, which appointed Guy Carpenter as broker earlier this year, is due to go live in the first half of 2016. The insurance industry and the UK government reached a final agreement on the scheme in December 2014, which included all council tax band H and I homes in Wales. These were initially excluded from the scheme.