(The Centre Street Bridge in Calgary, during the Alberta floods of 2013. Photo credit: Ryan L. C. Quan.)
Willis Re has introduced a new suite of flood solutions which the reinsurer says offer unprecedented analytical capabilities that will enable insurers to proactively manage Canada flood accumulations. The solution leverages a strategic partnership with KatRisk, a catatastrophe modeler specializing in flood, and Spatialkey, a provider of analytics and visualization solutions that give geographic-based insights into risk accumulations and composition.
Using the advanced analytic capabilities provided through its partnership, Willis Re’s Canada flood solutions include a range of tools that the vendor says helps clients to develop and enhance their underwriting and risk transfer strategy, manage and monitor portfolio accumulations, and calculate probable maximum loss (PML) estimations.
The new flood solutions represent significant research by Willis Re and the Willis Research Network on Canada flood risk conducted since the reinsurer issued its first set of global flood hazard layers in 2010, according to Tim Fewtrell, Willis Flood Team Leader. “Our team of expert hydrologists has also undertaken a thorough evaluation of the KatRisk product and their approach represents the most accurate assessment of Canadian flood risk available to date,” he comments.
The Canada flood solutions extend a relationship that Willis Re began with KatRisk and SpatialKey in 2013. The reinsurer describes the collaboration as one that unites the Willis Re’s deep insurance knowledge and analytical expertise with KatRisk’s advanced science and industry-leading flood models, and SpatialKey’s intuitive, speed-of-thought analytic platform.
Latest Science and Analytical Methods
“With the significant flooding events in both Calgary and Toronto over the past several years, market demand in Canada for a high quality, high resolution flood solution has never been greater,” comments Geoffrey Lubert, Managing Director, Willis Re Canada. “Insurers need to leverage the latest science and analytical methods to evaluate and manage local and regional flood exposure. Our suite of flood solutions will provide significant improvements in how our clients proactively manage their flood accumulations here in Canada.”