Willis Re introduces suite of flood analytics for Canadian insurance market

Willis Re, the reinsurance division of global risk advisor Willis Group Holdings plc, has unveiled a “new suite of flood solutions offering unprecedented analytical capabilities that will enable insurers to proactively manage Canada flood accumulations,” the company said in a statement on Thursday.

Based on “cutting-edge analytics” provided by Willis Re’s strategic partnership with KatRisk LLC and SpatialKey Inc., the new solutions include a range of tools which deliver the ability to develop and enhance underwriting and risk transfer strategy, manage and monitor portfolio accumulations, and calculate probable maximum loss estimations, the statement 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,” said Geoffrey Lubert (pictured), managing director of 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.”

Dr. Tim Fewtrell, flood team leader at Willis, said in the statement that Willis Re has undertaken significant research and development in this area since issuing the first set of global flood hazard layers in 2010. “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 said.

Willis Re announced its partnership with KatRisk and SpatialKey in 2013. KatRisk is a catastrophe modelling company providing comprehensive and cost effective global catastrophe risk models with an emphasis on flood, including tropical cyclone related rainfall and storm surge. SpatialKey helps insurers understand risk accumulations and composition, respond to live catastrophe events and manage exposure at the point of underwriting.