JBA and Reinsurance Solutions join forces to support African insurers for flood risk management
JBA Flood Risk Management announced its collaboration with Reinsurance Solutions Intermediary Services (RSIS), an African-based reinsurance broker that will use the JBA global flood modelling capability to provide flood risk analytics and catastrophe modelling services for its insurance clients across Africa.
Nikki Pilgrim, Technical Director at JBA, explains: “The launch last year of our global flood modelling capability, driven by JBA’s FLY Technology, was a breakthrough opportunity that has allowed JBA and our clients to fill geographic gaps in traditional modelling. Our collaboration with RSIS is just the latest example of how this modelling can be effectively applied in areas that may not have been previously covered. Understanding the implications of flood risk is critical to facilitate risk management and mitigation measures, and to ultimately build resilience within the industry and our communities.”
RSIS has offices in Mauritius, Ivory Coast, Kenya, South Africa, and London and is committed to offering a comprehensive set of risk analytics to its insurance clients. The inclusion of flood risk in the portfolio analysis is critical, especially for East African countries where flood risk is a key peril. In 2020 alone it is estimated that East African floods affected at least 700,000 people, causing more than 430 deaths predominantly in Kenya and Rwanda. The increased flood risk has also been noted in Southern Africa where approximately R650 million worth of property damage was recorded in the 2019 Easter floods in Durban.
Flood risk is a peril that is often overlooked in Africa but can be extremely costly when it is not taken into account,” comments Thato Raboroko, RSIS Head of Analytics. “We are proud to partner with JBA Risk Management, global leader in flood risk. Their outstanding analytics and insights complement our comprehensive service offering, ensuring our clients are fully informed and have a more complete understanding of the cover that they require. We believe in partnering with the right people, and this is one such partnership.”