Willis Re unveils Latin American flood risk models
by Gill Montia
Willis Re, the reinsurance arm of Willis Group Holdings, has unveiled detailed flood-risk models and large-event scenarios for key Latin American cities including São Paulo, Santiago and Bogotá.
The models, which have been developed by Willis Research Network (WRN), should help the firm’s clients optimise their related portfolios and manage their downsides for flood risk.
Going forward, the tools might also be used in relation to climate change, as they can provide South American insurance and reinsurance firms, as well as local governmental organisations, with new information that will help identify and manage exposure to flash floods.
WRN managing director, Gero Michel, comments: “Combining our high flood modelling expertise with an in-depth understanding of the local market in South America will make this project a success.”
He adds: “We foresee that related models will not only help clients to manage their exposure to these risks, but will also aid in maximising their performance through more informed underwriting and by managing smart reinsurance coverage.”