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Aon develops catastrophe model for French floods

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Aon P.L.C. on Wednesday said Aon Benfield Group Ltd.’s catastrophe model development team, Impact Forecasting, has developed a French flood scenario model with Paris-based reinsurer Scor S.E.

The flood model aims for better understanding and preparation for the cost and impact of floods in France’s major cities, Aon said in a statement.

This model measures losses based on historical and hypothetical flood scenarios for cities such as Paris, Lyon and Toulouse using a combination of market expertise and exposure data, Aon Benfield said in the statement.

“The key component for success was the detailed discussions with Scor throughout the model development process and the flexibility of our Elements loss calculation platform to incorporate critical elements such as the latest modeled flows, flood extent shapes and vulnerability functions,” Petr Puncochar, head of flood model development at Impact Forecasting, said in the statement.