Simplitium Expands Modex Portfolio With Ambiental’s Australia Flood Model
Simplitium™, a global financial services solutions provider, has formalised a model provision agreement with flood risk and modelling specialist Ambiental Risk Analytics. The deal will see Simplitium’s catastrophe risk modelling platform, ModEx, expand its model portfolio to include the Australia flood model, FloodCat™. Ambiental represents the seventh model vendor on ModEx.
FloodCat is the first and most detailed building level flood model produced for Australia, providing (re)insurers with an unprecedented view of risk. The model is a probabilistic river flood loss model allowing firms to estimate losses from fluvial flooding across the entirety of Australia at a postcode and property level.
Paul Drury, Product Manager at Ambiental, comments: “By bringing our Australia FloodCat model to Simplitium’s ModEx platform we are able to serve the market in a way which provides greater value to our existing clients whilst simplifying the process of onboarding new clients. We have been big proponents of the Oasis Loss Modelling Framework (LMF) since its inception and are supportive of open and transparent platforms that provide a wider view of risk.”
James Lay, Commercial Director of ModEx, comments:
“By unifying multiple vendors on one platform, ModEx is industrialising the Oasis LMF, making it easier than ever for firms to adopt and use advanced catastrophe risk models. By making their model available on ModEx, Ambiental can offer quicker deployment and easier access, providing (re)insurers with an increasingly efficient and cost-effective way to assess their flood exposure in Australia.”
Ambiental is committed to tackling flood risk globally and will deploy additional models through ModEx in the future to increase the number of territories covered by robust catastrophe models and bring new levels of accuracy.
For further information, please contact:
+44 (0)20 3735 4981
ModEx (formerly known as Boat Oasis) is the first independent multi-vendor catastrophe risk modelling platform for the (re)insurance industry. The platform, which operates on the Oasis LMF, is brought to market by Simplitium to deliver a hosted and fully managed catastrophe risk modelling service. ModEx provides the (re)insurance industry with a cost-effective and reliable way to meet their catastrophe risk modelling requirements. The platform provides (re)insurance firms with the tools to gain a better understanding of risk by accessing the best models from large and niche model developers from around the world. For further information, please visit www.simplitium.com/modex.
Oasis is a global not-for-profit company limited by guarantee and owned by its members. Its mission is to create and foster links throughout the wide community of those interested in modelling catastrophic risk across business, academia, and government. The Oasis LMF provides an open source platform for developing, deploying and executing catastrophe models. For more information, please visit www.oasislmf.org.
Ambiental Risk Analytics is a global specialist in flood modelling and flood risk. Using complex data analytics, AI and highly scalable flood modelling algorithms created in-house, we quickly develop and customise flood data and models to answer specific questions. We produce flood maps, flood data sets, flood catastrophe models, flood forecasting products and environmental reports internationally to support better decision-making around flood risk management. Our clients range from the World Bank, (re)insurance companies, insurance brokers, utilities companies, and multinational businesses to property developers and home owners.
By listening and responding to the market, Simplitium (formerly known as Boat Services) transforms complex challenges into flexible, scalable and secure solutions. Simplitium’s services help firms achieve greater efficiency and transparency in their daily operations, from regulatory compliance and cost management to catastrophe risk management. As a subsidiary of Cinnober, one of the world’s leading clearing and trading technology providers, Simplitium has the stability and structure to ensure secure and reliable delivery of world class services. For further information, please visit www.simplitium.com.