Reinsurance broker JLT Re has announced that it has partnered with risk modelling company KatRisk to provide flood modelling services in Canada.
“We continue to enhance our suite of analytical tools and services to bring the best insights to our clients,” David Flandro, global head of analytics at JLT Re, said in a statement. “As weather-related risk continues to be a growing concern in many regions, it is important that we remain at the forefront of this issue.”
Learn more about flooding insurance here.
“By adding KatRisk to our portfolio, we are able to analyse customised flood data and translate it into unique and valuable information for our clients,” he added.
According to a release, the KatRisk suite includes “flood inundation maps at multiple return periods and software to generate location level probabilistic flood losses.” The model considers both pluvial and fluvial flooding by utilizing 2D hydraulic simulations with no lower limit to catchment size.
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In 2015, the
Insurance Bureau of Canada began its own floodplain mapping project to help insurers with risk modelling. Although the project resulted in sufficient data for insurers, the information was too low-resolution for land use and urban planning purposes.
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