Risk analysis services provider Simplitium is set to enhance its catastrophe risk modelling platform ModEx with the addition of Australia flood model, FloodCat.
The deal with modelling specialist Ambiental Risk Analytics will allow the ModEx platform to be integrated with Australia’s most detailed building-level flood model, providing re/insurers a more sophisticated view of risk.
“By bringing our Australia FloodCat model to Simplitium’s ModEx platform we are able to serve the market in a way which provides greater value to our existing clients while simplifying the process of onboarding new clients,” said Paul Drury, product manager at Ambiental, in a Reinsurance News report.
Floodcat is a probabilistic river-flood loss model that provides estimate losses from fluvial flooding across the entirety of Australia at a postcode and property level, and its owner, Ambiental, will be the seventh model vendor on ModEx.
“We have been big proponents of the Oasis Loss Modelling Framework (LMF) since its inception and are supportive of open and transparent platforms that provide a wider view of risk,” Drury told the reinsurance news website.
James Lay, commercial director at ModEx, said unifying multiple vendors on one platform makes advanced catastrophe risk models more accessible to firms.
“By making their model available on ModEx, Ambiental can offer quicker deployment and easier access, providing re/insurers with an increasingly efficient and cost-effective way to assess their flood exposure in Australia,” Lay said.
