Indonesia: Willis Re launches new flood model to quantify flood risk
Source: Asia Insurance Review | Nov 2020
Willis Re has introduced a new Indonesia flood model to provide a detailed assessment of the flood risk countrywide including the industrial estates in West Java which are prone to frequent flooding.
It seeks to help Willis Re’s clients have an accurate view on the potential losses so that they can adopt clearer risk appetites, respond to regulatory pressures and make more informed risk transfer decisions on their insurance portfolios.
The new model has been developed jointly with the Willis Research Network partner, National University of Singapore Tropical Marine Science Institute.
The model is fully probabilistic based on 42,000 events covering major river catchments in Indonesia. It is calibrated using an up-to-date proprietary Indonesia-wide industrial exposure database, using insurance and reinsurance market loss claims. A