JBA Risk Management has released its Sri Lanka Flood Model onto Simplitium’s ModEx platform. The initiative is specifically aimed at broadening accessibility to the Sri Lanka model for both the insurance and wider Disaster Risk Reduction (DRR) community.
The announcement follows close collaboration between the Insurance Development Forum (IDF) and JBA on modelling the Sri Lanka National Natural Disaster Insurance Scheme (NNDIS) – a state-funded scheme providing protection for low income Sri Lanka households backed by the international reinsurance market.
The model has been converted to an open ‘Oasis’ format and updated to include new vulnerability functions, specific to the low-income houses and microenterprises covered under the NNDIS scheme in Sri Lanka. The model, which is the first probabilistic flood model for the country, helps analyse the potential flood losses to the scheme and in doing so provides greater understanding of risk to the international reinsurance market.
Dr Iain Willis, managing director, Asia-Pacific, at JBA Risk Management commented: “This marks a significant milestone in what has been a very fruitful collaboration between the IDF and JBA. Launching the Sri Lanka Flood model on ModEx provides a wider platform for the reinsurance market to access this model ultimately helping build greater flood resilience in Sri Lanka.”
“As part of our support of the IDF, RenaissanceRe is proud to fund development of JBA's Sri Lanka Flood Model, its application to the Sri Lankan National Natural Disaster Insurance Scheme (NNDIS), and its conversion to an open source format on the Oasis platform."
"One of our founding tenets is improving the understanding of natural hazard risk through robust catastrophe models. We hope our efforts to improve analysis of risks like Sri Lankan floods will help to enhance disaster risk financing and community resilience in low and middle-income countries while lowering barriers to high-quality hazard and risk information.”
Mr Branagan added that supporting the development of open source models can enable improvements in local modelling capabilities: “It encourages greater ownership of the understanding and management of disaster risk by government agencies, thereby fostering efforts to reduce the natural disaster protection gap.”
Sri Lanka experiences major flooding on a regular basis, with significant events occurring annually since 2015. Insurance penetration is low but growing, with total gross written premiums increasing 15% in 2017.
The Sri Lanka Flood Model is available on Simplitium’s ModEx platform as well as JBA’s catastrophe modelling platform, JCalf and Oasis.
Matthew Jones, Head of Product Development at Simplitium commented: “This is a great example of successful collaboration in the industry benefitting the reinsurance community and can be seen as a pathfinder solution for other low and middle-income regions around the world. We are proud to be able to support this important initiative with our ModEx platform and help improve the access to cat models such as JBA’s Sri Lanka Flood.”
For further information, please contact:
Co-head of Marketing and Corporate Communications,
+44 (0)20 3735 4981
JBA Risk Management
+44 (0)1756 799919
About Insurance Development Forum (IDF)
The IDF is a public/private partnership led by the insurance industry and supported by international organisations. The IDF aims to optimise and extend the use of insurance and its related risk management capabilities to build greater resilience and protection for people, communities, businesses, and public institutions that are vulnerable to disasters and their associated economic shocks. For further information, please visit www.insdevforum.org.
About JBA Risk Management
Established in 2011, we are a global leader in flood risk management. Affectionately known as The Flood People, our flood maps, catastrophe models and analytics are used by some of the world’s largest insurers, reinsurers, financial institutions, property companies and governments. We’re experts in translating complex, scientific data into useful information, using sophisticated hydraulic approaches and models to provide cutting-edge flood risk intelligence.
As part of the JBA group, we work closely with leading academic institutions in the field of flood risk. We also support our independent charity, JBA Trust, which enables research, education and training in the water environment sector.
Our commitment to continuous improvement and detailed research and development is what makes us the number one choice for many insurers, reinsurers, financial institutions and governments. For further information, see www.jbarisk.com. Follow JBA Risk Management on Twitter and LinkedIn.
About Simplitium and ModEx
Simplitium is a global financial services technology provider, delivering specialist solutions for some of the largest banks, investment firms and insurance companies in the world. Simplitium’s ModEx is the first independent multi-vendor catastrophe risk modelling platform for the (re)insurance industry. Powered by the Oasis LMF, ModEx delivers a hosted and fully managed catastrophe risk modelling service that offers a new and cost-effective way for firms to meet their modelling requirements. The platform creates an ecosystem where model vendors make their models available to the industry via a single user interface, improving the quality and choice of models available in the market. For further information, please visit www.simplitium.com/modex. Follow Simplitium on Twitter and LinkedIn.