Willis Re flood modeling tool targets Canadian risks

Willis Re, the reinsurance arm of Willis Group Holdings P.L.C., on Thursday launched a suite of tools that allows insurers in Canada to identify potential flood exposures.

In collaboration with catastrophe modeling company KatRisk L.L.C. and analytics firm SpatialKey Inc., Willis Re introduced a flood modeling tool and flood accumulation application that it said will help to develop and enhance underwriting and risk transfer strategy, manage and monitor portfolio accumulations and calculate probable maximum loss estimations, Willis Re said in a statement.

The SpatialKey Flood Accumulation application gives users the ability to access, accumulate and visualize KatRisk's flood risk data, which models riverine and surface water flood risk, a spokeswoman for Willis Re 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,” Geoffrey Lubert, Willis Re Canada's managing director, said in the statement. “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.”