Willis Re Introduces New Suite of Flood Analytics for Canada Insurance Market
March 19 2015 - 10:00AM
Willis Re, the reinsurance division of Willis Group Holdings plc
(NYSE:WSH), the global risk advisor, insurance and reinsurance
broker, has today unveiled a new suite of flood solutions offering
unprecedented analytical capabilities that will enable insurers to
proactively manage Canada flood accumulations.
Based on the cutting-edge analytics provided by Willis Re's
strategic partnership with KatRisk LLC and SpatialKey Inc., the new
solutions include a range of tools which deliver the ability to
develop and enhance underwriting and risk transfer strategy, manage
and monitor portfolio accumulations, and calculate Probable Maximum
Loss (PML) estimations.
Willis Re announced its strategic global partnership with
KatRisk and SpatialKey in 2013. Today's announcement extends that
partnership, which brings together Willis Re's in-depth insurance
knowledge and tested analytical expertise, KatRisk's advanced
science and industry-leading flood models, and SpatialKey's
intuitive, speed-of-thought analytic platform.
Geoffrey Lubert, Managing Director, Willis Re Canada,
commented: "With the significant flooding events in both
Calgary and Toronto over the past several years, market demand in
Canada for a high quality, high resolution flood solution has never
been greater. Insurers need to leverage the latest science and
analytical methods to evaluate and manage local and regional flood
exposure. Our suite of flood solutions will provide significant
improvements in how our clients proactively manage their flood
accumulations here in Canada."
Dr. Tim Fewtrell, Willis Flood Team Leader,
said: "In partnership with the Willis Research Network,
Willis Re has undertaken significant research and development in
this area since issuing the first set of global flood hazard layers
in 2010. Our team of expert hydrologists has also undertaken a
thorough evaluation of the KatRisk product and their approach
represents the most accurate assessment of Canadian flood risk
available to date."
About Willis Re
One of the world's leading reinsurance brokers, Willis Re is
known for its world-class Analytics capabilities, which it combines
with its Reinsurance expertise in a seamless, integrated offering
that can help clients increase the value of their businesses.
Willis Re serves the risk management and risk transfer needs of a
diverse, global client base that includes all of the world's top
insurance and reinsurance carriers as well as national catastrophe
schemes in many countries around the world. The broker's global
team of experts offers services and advice that can help clients
make better reinsurance decisions and negotiate optimum terms. For
more information, visit www.willisre.com.
About Willis
Willis Group Holdings plc is a leading global risk advisor,
insurance and reinsurance broker. With roots dating to 1828, Willis
operates today on every continent with more than 18,000 employees
in over 400 offices. Willis offers its clients superior expertise,
teamwork, innovation and market-leading products and professional
services in risk management and transfer. Our experts rank among
the world's leading authorities on analytics, modelling and
mitigation strategies at the intersection of global commerce and
extreme events. Find more information at our
website,www.willis.com, our leadership journal, Resilience, or our
up-to-the-minute blog on breaking news, WillisWire. Across
geographies, industries and specialisms, Willis provides its local
and multinational clients with resilience for a risky world.
About KatRisk
KatRisk is a catastrophe modeling company providing
comprehensive and cost effective catastrophe risk models with an
emphasis on flood, including tropical cyclone related rainfall and
storm surge. KatRisk models are global in scope, capturing large
scale regional and continental correlations. Models have an open
architecture allowing users to better understand underlying model
parameterizations and when desired supplement models to incorporate
specific user knowledge and views of risk. For more information,
visit www.katrisk.com.
About SpatialKey
SpatialKey is a leader in insurance analytics and visualization,
delivering real business value via purpose-built applications.
SpatialKey Insurance Intelligence integrates industry-leading data
solutions with an unmatched user experience and differentiated
geo-spatial and business intelligence capability. Through
speed-of-thought analytics and agile visualizations, SpatialKey
helps insurers understand risk accumulations and composition,
respond to live catastrophe events, and manage exposure proactively
at the point of underwriting. As insurers innovate to deliver value
to their customers and seek to optimize their risk portfolio,
SpatialKey will continue to work with them to deliver revolutionary
analytics. For more information, visit www.spatialkey.com.
CONTACT: Media:
Laura Molloy
+44 20 3124 8555
Email: Laura.Molloy@willis.com
Investors:
Peter Poillon
+1 212 915 8084
Email: Peter.Poillon@willis.com