This summer Ambiental has delivered presentations at Aon’s Impact Forecasting Revealed conferences in Singapore, London and Zurich. At these events Ambiental announced the launch of the Australia FloodCat™ model which is now available for use through the ELEMENTS catastrophe model loss estimation platform developed by Aon Benfield Impact Forecasting.
A video recording of Ambiental’s presentation from the London event on June 17th is now accessible to view online. In this informative video Technical Director David Martin demonstrates how we built a flood catastrophe model for Australia and goes on to explain how this was implemented in the ELEMENTS platform.
The presentation describes the way in which the flood hazard data component was built and how this was formulated into a property level loss estimation tool. It explains how accuracy in flood hazard mapping can be achieved. The presentation goes on to explore uncertainty in cat models through an analysis of model testing outputs which seeks to establish whether accurate location data is more important than accurate portfolio composition data.
Catastrophe models allow insurers and reinsurers to simulate potential losses through an analysis of detailed probabilistic and deterministic hazard event sets. Australia FloodCat™ is the first model in the market to provide property level resolution loss estimations for the entire country. Coupled with the latest building vulnerability data FloodCat™ provides a powerful tool for informing underwriting strategies and decisions on capital allocation. For more information on FloodCat™ click here.
Speaking about the conference Adam Podlaha, Head of Impact Forecasting says “I really believe that we can make the most of Catastrophe Models by collaborating as an Industry. At this year’s conference we invited different practitioners to share their views on how to enhance these collaborations”.
The ELMENTS platform was developed in response to industry needs for understandable, transparent and customisable catastrophe models. Ambiental chose ELEMENTS as it offers a highly customisable, easy-to-use, open platform which will helps users get up-and-running quickly.