Aon Benfield, the global reinsurance arm of Aon, has called on the industry to collaborate on innovative approaches to disaster risk modelling.
The company has launched its latest version of ELEMENTS, a loss calculation platform, through its catastrophe model development centre Impact Forecasting which will include a new flood risk model for Australia.
The new model, called FloodCat, has been made available by Ambientel and it allows “insurers and reinsurers to quantify previously non-modelled flood risk in Australia in an established environment of ELEMENTS, minimising the need to learn and manage a new platform,” the company said in a statement.
Adam Podlaha, global head of Impact Forecasting, said that the company encourage the wider industry to collaborate on risk modelling techniques that could help save lives as well as money.
“We are committed to exploring ways to make the most of catastrophe models by working together as an industry,” Podlaha said.
“The open and customisable ELEMENTS platform helps to mitigate the need for insurers to install and learn new systems when looking to implement new models. We are pleased that we can play a part in this trend for greater collaboration.”
Justin Butler, founder and CEO of Ambiental, backed ELEMENTS and believes that it helps the industry focus on underwriting decisions thanks to its rigorous testing.
“We chose ELEMENTS as it offers a highly customisable, easy-to-use, open and transparent platform which will help users get up-and-running quickly,” Butler said.
“Their rigorous approach to back testing allows insurers to be confident in their underwriting and capital allocation decisions.”
The latest update also features new and updated modelling for areas in Europe, the United States and Asia.