2013-01-24 11:11:41 - As melting snow brings more flood warnings to parts of Wales and the West of England, natural hazard experts JBA Risk Management have released a new model that will help property owners pay the right price for flood insurance.
Against the background of continuing negotiations between the Government and the insurance industry over the future of flood insurance, insurers will be able to use JBA’s new model of the built environment to understand more precisely the flood and other risks to homes, offices and business premises.
The JBA model is the first to provide a detailed breakdown by full postcode of residential, commercial and industrial property. , England, Scotland and Wales. Information about residential properties includes type, height and condition.
Jill Boulton, Director of JBA Risk Management, said: “At a time when the UK is experiencing repeated flooding, this model will be an invaluable tool for insurers to assess the flood and other natural hazards risks within their portfolios.
Using it, insurers can be more confident that they understand the risk to properties within a specific post code and so charge appropriate premiums.”
Although insurers use natural hazard maps to calculate the flood element of the premiums they charge, the level of risk for a particular property depends not just on location but also the building characteristics. A one-storey property with a cellar, for example, is likely to suffer a greater loss in the same flood than a neighbouring two-storey property without a cellar.
The detail insurers hold, however, may not be complete, and so not reflect the real flood exposure for a property. For insurers, understanding the risk and being able to charge an appropriate premium are especially important as the Government and Association of British Insurers (ABI) have yet to agree how properties most at risk of flood will be insured following expiry of the Statement of Principles in June 2013.
JBA’s Built Environment Model enables insurers to fill the information gaps in their portfolios. It includes:
• A breakdown of residential, commercial and industrial property types by full unit postcode throughout England, Scotland and Wales.
• High resolution residential information including property type, height, age, condition, capital value and rebuild costs, and details such as the percentage of properties which have cellars or conservatories.
The JBA model brings together data from various trusted sources. The residential element, for example, includes data from Rightmove, the Building Cost Information Service (BCIS), Geoplan and the Census. The commercial and industrial datasets have been developed from remotely sensed imagery cross referenced with other publicly available information.
For further information, please contact:
Jill Boulton, Director of JBA Risk Management
01756 799919 firstname.lastname@example.org
Mobile : 07525 730462
Jane Toothill, Director of JBA Risk Management
01756 799919 email@example.com
Mobile: 07733 228202
About JBA Risk Management
JBA Risk Management is a leading provider of natural hazard modelling services to the insurance and reinsurance sector. JBA Risk Management offers a wide range of maps, models, data and services that utilise our full range of expertise in meteorological perils and probabilistic modelling. The perils we model include river and surface water flooding, sea surge and windstorm, tropical cyclone, freeze, drought and subsidence. Our core products are models and maps of hazard, vulnerability and risk as well as probabilistic models provided in our JCALF catastrophe modelling platform. We provide bespoke consultancy and analysis work for clients including JFlow® hazard mapping, probabilistic analysis, site risk assessments, scenario and post-event analysis