Willis Group Holdings reinsurance division has introduced a new suite of flood solutions in the Canadian insurance market, to deliver significant improvements in how its clients proactively manage their flood accumulations.
Willis Re Canada managing director Geoffrey Lubert said: "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.
"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."
Developed in collaboration with KatRisk and SpatialKey, the new solutions include a wide range of tools that allow to develop and improve underwriting and risk transfer strategy.
It will also help to manage and monitor portfolio accumulations and calculate Probable Maximum Loss (PML) estimations.
Willis flood team leader Dr Tim Fewtrell said: "In partnership with the Willis Research Network, Willis Re has undertaken significant research and development in this area since issuing the first set of global flood hazard layers in 2010."
In 2013, Willis Re partnered with KatRisk and SpatialKey, which allowed to bring together its in-depth insurance knowledge and tested analytical expertise, KatRisk’s advanced science and industry-leading flood models and SpatialKey’s speed-of-thought analytic platform.
Image: Willis Re has introduced new suite of flood analytics in Canada. Photo: courtesy of Stuart Miles/ FreeDigitalPhotos.net.