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Home » News » WRN News » Indian Flood Model launched

Indian Flood Model launched

Published on Feb 04, 2013

Globally since 2010 there have been a significant number of catastrophic losses from perils that have not been well understood within the insurance market. The recent flooding events in Thailand and Australia, and non-modelled components of earthquakes in New Zealand and Japan have all emphasised the need to understand and quantify the risks from what used to be considered second perils.

The Willis India Flood Model:

  • is a probabilistic flood model for 23 Indian cities based on 10,000 years of simulated events;
  • quantifies flooding losses from both river flooding (fluvial) and surface water flooding (pluvial);
  • uses custom vulnerability functions and in-house expert view of exposure data unique to Willis Re;
  • is integrated into the eQUIP proprietary catastrophe modelling platform

The Willis Indian Flood Model assesses the likelihood and magnitude of losses from fluvial and pluvial flood events by simulating flood events based on the spatial and temporal patterns present in the observational record.

The modelled rainfall and river flows are propagated through the 23 cities using the state-of-the-art modelling software, JFLOW+, developed by WRN partner JBA to derive flood depth and extent assessments.

The model calculates average annual loss and occurrence exceedences and can define technical rates and assess reinsurance and capital requirements.

The model accepts exposure data (the more detailed, the better) and calculates the probability and quantum of a flood loss to that portfolio.

For further information please contact Tim.Fewtrell@Willis.com

About WRN

As economic, social and environmental uncertainties increase, institutions and populations seek greater resilience to support sustainable growth. Science and insurance lay at the heart of understanding, managing and sharing these risks, building more secure futures at local and global scales.

The Willis Research Network (WRN) operates across the full spectrum of risk from natural catastrophe, to legal liability, financial and security issues linked across driving themes: Resilience, Security & Sustainable Growth; Managing Extremes; Insurance & Risk Management and Mastering the Modelled World.

All Members and activities are united by a common aim: improving resilience by integrating first class science into operational and financial decision-making across public and private institutions.

Latest News

WillisWire Special Report: Adapting to Climate Change
Apr 22, 2014 | read more ›

Extending Terrorism Insurance Program Could Save Federal Government Money After Future Attacks
Apr 11, 2014 | read more ›

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Apr 11, 2014 | read more ›

Forecasting, Flood & Fortitude: Slides available
Mar 25, 2014 | read more ›

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