Insurance technology start-up Risk Spatial has partnered with leading natural hazard modelling firm JBA Risk Management to provide flood risk tools to re/insurers in Asia Pacific.
The two companies have signed a three-year reselling agreement allowing Risk Spatial to offer JBA’s Global Flood Map products to insurance and reinsurance clients.
JBA’s Global Flood Map products provide comprehensive and consistent flood hazard information covering 22 countries in the region. For instance, the maps show that close to 700,000 properties in Australia are at risk of river flooding once in 20 years, rising to over a million properties once in 100 years.
Risk Spatial will make such data available in various products to meet the growing needs of the insurance industry, including new applications focused on insurance risk management.
"We are pleased to provide our flood maps to Risk Spatial and are excited about seeing our data used in their product suite to provide clients with new and innovative ways to manage flood risk," said JBA Risk Director Jane Toothill.
Risk Spatial Director Nick Hassam said JBA’s products will compliment his company’s application development program.
“Our aim is to deliver world-class risk data products on our platform which are easy to access, provide game-changing solutions and enable better underwriting decisions to guide risk strategy,” Hassam said.
Risk Spatial noted a continued industry shift towards making risk models and their components more accessible for the insurance market.
The company said evolving climate conditions and the sustained focus of regional and global regulators on catastrophe risk are encouraging insurers to use multiple sources of catastrophe risk information to better understand their exposures.