This market briefing will examine how technological advances can overcome current challenges in flood risk modelling and enable the first revolutionary global flood model.

Flood is a growing hazard on a global scale. According to JBA estimates, a quarter of the world’s population could be at risk to inland flood by 2020, posing an ever growing threat to re/insurers.

However, despite industry progress since the pivotal 2011 Thai floods, a flood model that allows management of this risk worldwide has been unfeasible. Gaps and inconsistencies in data, inefficient, pre-baked, inflexible models and the sheer complexity involved has prevented truly global probabilistic flood modelling.

This International Underwriting Association (IUA) market briefing, we will examine how these challenges can be overcome using advanced technology, which now enables us to revolutionise how we handle flood risk through JBA’s new Global Flood Model. For the first time, users can manage their flood risk on a global scale with maximum control over how the model is run, with greater accessibility through Oasis LMF.