Aon launches updated Thai flood modelJune 21 2018 by InsuranceAsia News Staff
Aon has updated its Thailand flood catastrophe model, building on its first model launched in June 2012.
After more than US$15 billion of insured losses from the 2011 floods, Thailand’s risk has continued to rise with the rapid growth of people and property exposed to frequent floods.
The updated tool from Impact Forecasting, Aon’s catastrophe model development team, leverages advances in hydrological, hydraulic and statistical modelling.
“Our goal has been to produce one of the most detailed and advanced models in South-East Asia that shows how data and analytics can have an impact in the market by opening up new products and possibilities,” said Himavant Mulugu, flood model developer at Aon’s Impact Forecasting team.
The new model captures the most up-to-date flood defence information for the most accurate flood loss evaluation and will support insurers in buying reinsurance, managing portfolios, underwriting effectively and monitoring peak accumulations.
“This is an exciting time for the Thai re/insurance market to play a critical role in supporting our ever-evolving economy,” said Panchit Ekaraphanich, head of treaty in Thailand for Aon’s Reinsurance Solutions business.
“Following the 2011 floods, the industrial sector is bouncing back but with a higher awareness of the potential risks. The market needed a way to more accurately assess and mitigate these risks so the launch of the updated flood model from Impact Forecasting is vital to give insurers the confidence to underwrite and in turn support businesses and communities in the region.”
- March 15
Adjusters, brokers, insurers and reinsurers on high alert after a strong storm slammed Sydney.
- March 12
The Insurance Council of Australia says around 50% of businesses didn't have flood cover.
- March 11
Around 100 properties have been damaged as a result of multiple fires.
- March 5
Many losses to properties expected to be discovered over the next few days.