JBA Risk Management’s Global Flood Model (GFM) has been made available on the Nasdaq Risk Modelling service.
GFM was launched last year and is the first ever probabilistic global flood model, covering 99.98 percent of the world’s landmass, excluding Greenland and Antarctica. It permits risk quantification for any location across the world, allowing clients to eliminate any embedded assumptions they choose.
JBA said the model fills gaps left by, and offers an alternative to, currently available catastrophe models. GFM’s release on the Nasdaq Risk Modelling service allows re/insurers to manage flood risk more effectively, giving them access to its functionality via a single interface, it said.
JBA estimates that over 60 percent of the global population is at risk of inland flooding, annually. Almost 50 percent of global flood losses can be found in just eight countries in Asia, it noted, a region traditionally lacking in catastrophe model coverage.
Jane Toothill, director at JBA Risk Management, said: “JBA has always been committed to making leading science usable and the Nasdaq Risk Modelling service is key to this. Nasdaq Risk Modelling is best in class for making data accessible, workable and user-friendly, and we’re delighted to add GFM to our existing suite of models available via the service.”
Matthew Jones, head of catastrophe risk product at Nasdaq, said: “JBA has broken new ground with its GFM and we look forward to our continued collaboration to enable our clients to analyse and manage flood risk across the globe in an easily accessible format.”
Nasdaq’s Risk Modelling service is powered by the latest version of the Oasis Loss Modelling Framework.
JBA Risk Management, Global Flood Model, Nasdaq Risk Modelling, Jane Toothill, Matthew Jones