Flood risk management company JBA Risk Management has announced a collaboration with Nasdaq to make its Global Flood Risk Model available on the Nasdaq Risk Modelling service.
JBA’s Global Flood Model, released last year, is the first-ever probabilistic flood model, the company said. Covering 99.98% of the world’s landmass excluding Greenland and Antarctica, the model fills gaps left by other catastrophe models, offers an alternative to existing models, and enables consistent comparison of loss across company and continental borders.
More than 60% of the global population at risk to inland flood annually – and nearly 50% of global flood losses – can be found in just eight countries in Asia, JBA said. This region is also traditionally lacking in catastrophe model coverage, the company said. The release of the Global Flood Model on the Nasdaq Risk Modelling service will allow reinsurers to manage flood risk more effectively by providing an accessible way to use JBA’s flood risk intelligence.
“JBA has always been committed to making leading science usable, and the Nasdaq Risk Modelling Service is key to this,” said Jane Toothill, director at JBA Risk Management. “Nasdaq Risk Modelling is best in class for making data accessible, workable and user-friendly, and we’re delighted to add the Global Flood Model to our existing suite of models available via the service.”
“JPA has broken new ground with its Global Flood Model, and we look forward to our continued collaboration to enable our clients to analyse and manage flood risk across the globe in an easily accessible format,” said Matthew Jones, head of catastrophe risk product for Nasdaq.