Breakfast is served!
On the 8th of December 2015, our sister company Ambiental Risk Analytics hosted breakfast with a difference, for insurers and actuaries from across the country. Running in partnership with Ordnance Survey, the free event will take place in the iconic Lloyd’s Old Library in Lime Street, London. Kicking off with a buffet breakfast at 8am, it is the perfect chance to not only learn about Flood Re, and the opportunities and challenges that face the insurance industry, but to grill the market leaders in flood analysis and risk management, and find out how they can help you get the best of Flood Re.
After a hearty breakfast and a chance to network with experts in the field, Ambiental’s Justin Butler will give a short introduction to the gathered crowd, before handing over to the handpicked keynote speakers.
Starting off will be Michael Wade, Former Crown Representative for Insurance at the Cabinet Office, providing an overview of the Flood Re scheme, government policy and how these impact on the insurance industry.
Next up will be Brendan McCafferty, CEO of Flood Re, outlining the key aims of the organisation, and how insurers can prepare for its launch. With the scheme due to enter the market in April 2016, Brendan aims to answer any outstanding queries about how the reinsurance fund will work, what insurers will need to do to be involved, and exactly how Flood Re will benefit insurance companies of all sizes.
Following the abandonment of the Statement of Principles in July 2013, Flood Re is the solution to a completely open market for insuring properties against flood risk. Although a company in its own right, Flood Re is to be administered and regulated by the government, ensuring a fair distribution of the funding pool. By overseeing the scheme, the government plan to address insurance policies on an individual basis, giving Flood Re the ability to offer a fair flood premium to everybody, passing on the benefits of the scheme directly to the public.
Moving away from the wider issues facing the insurance industry will be Justin Butler, CEO of Ambiental Technical Solutions, providing an insight into alternative decision-making strategies for ceding policies to Flood Re. By using maps and analytical software, Justin will illustrate trends and patterns of flooding in the UK and discuss future flood risk. Flood data collected from around the UK can be used to develop tailored flood premiums for individual properties, and allowing insurers to make informed decisions on whether to cede particular premiums to Flood Re, or retain and manage the risk themselves.
Justin will discuss the relative merits and implications of address level versus postcode level underwriting. Given the geographically specific nature of flood risk, the ability to analyse flood data is an incredibly useful tool in the decision-making process, and may prevent smaller companies from losing out on medium risk premiums.
Bringing the talks to a close, our final speaker will be Chris Chambers, Senior Product Manager at Ordnance Survey, introducing ‘AddressBase’, and discussing the importance of address level data. With the best addressing technology and data in the UK, Chris aims to show what Ordnance Survey’s data can do, and how this level of detail can be beneficial to insurers. During his presentation, Chris will focus on the new, cost effective ways of supplying address level data to insurers, ahead of the introduction of Flood Re, providing companies of any size with the opportunity to benefit from their database.
The meeting will conclude with an ‘open floor’ question and answer session, where guests will be invited to quiz the panel on any queries not covered during the course of the morning, and a final opportunity to network with some of the leading insurance underwriters, actuaries, risk officers and loss control engineers in the field. Also in attendance will be representatives from the national media, with reporters from Insurance ERM, The Insurance Insider, Insurance Times, GeoConnexion and Reactions magazine to cover the event.