TORONTO, March 19, 2015 (GLOBE NEWSWIRE) -- Willis Re, the reinsurance division of Willis Group Holdings plc (NYSE:WSH), the global risk advisor, insurance and reinsurance broker, has today unveiled a new suite of flood solutions offering unprecedented analytical capabilities that will enable insurers to proactively manage Canada flood accumulations.
Based on the cutting-edge analytics provided by Willis Re's strategic partnership with KatRisk LLC and SpatialKey Inc., the new solutions include a range of tools which deliver the ability to develop and enhance underwriting and risk transfer strategy, manage and monitor portfolio accumulations, and calculate Probable Maximum Loss (PML) estimations.
Willis Re announced its strategic global partnership with KatRisk and SpatialKey in 2013. Today's announcement extends that partnership, which brings together Willis Re's in-depth insurance knowledge and tested analytical expertise, KatRisk's advanced science and industry-leading flood models, and SpatialKey's intuitive, speed-of-thought analytic platform.
Geoffrey Lubert, Managing Director, Willis Re Canada, commented: "With the significant flooding events in both Calgary and Toronto over the past several years, market demand in Canada for a high quality, high resolution flood solution has never been greater. Insurers need to leverage the latest science and analytical methods to evaluate and manage local and regional flood exposure. Our suite of flood solutions will provide significant improvements in how our clients proactively manage their flood accumulations here in Canada."
Dr. Tim Fewtrell, Willis Flood Team Leader, said: "In partnership with the Willis Research Network, Willis Re has undertaken significant research and development in this area since issuing the first set of global flood hazard layers in 2010. Our team of expert hydrologists has also undertaken a thorough evaluation of the KatRisk product and their approach represents the most accurate assessment of Canadian flood risk available to date."
About Willis Re
One of the world's leading reinsurance brokers, Willis Re is known for its world-class Analytics capabilities, which it combines with its Reinsurance expertise in a seamless, integrated offering that can help clients increase the value of their businesses. Willis Re serves the risk management and risk transfer needs of a diverse, global client base that includes all of the world's top insurance and reinsurance carriers as well as national catastrophe schemes in many countries around the world. The broker's global team of experts offers services and advice that can help clients make better reinsurance decisions and negotiate optimum terms. For more information, visit www.willisre.com.
Willis Group Holdings plc is a leading global risk advisor, insurance and reinsurance broker. With roots dating to 1828, Willis operates today on every continent with more than 18,000 employees in over 400 offices. Willis offers its clients superior expertise, teamwork, innovation and market-leading products and professional services in risk management and transfer. Our experts rank among the world's leading authorities on analytics, modelling and mitigation strategies at the intersection of global commerce and extreme events. Find more information at our website,www.willis.com, our leadership journal, Resilience, or our up-to-the-minute blog on breaking news, WillisWire. Across geographies, industries and specialisms, Willis provides its local and multinational clients with resilience for a risky world.
KatRisk is a catastrophe modeling company providing comprehensive and cost effective catastrophe risk models with an emphasis on flood, including tropical cyclone related rainfall and storm surge. KatRisk models are global in scope, capturing large scale regional and continental correlations. Models have an open architecture allowing users to better understand underlying model parameterizations and when desired supplement models to incorporate specific user knowledge and views of risk. For more information, visit www.katrisk.com.
SpatialKey is a leader in insurance analytics and visualization, delivering real business value via purpose-built applications. SpatialKey Insurance Intelligence integrates industry-leading data solutions with an unmatched user experience and differentiated geo-spatial and business intelligence capability. Through speed-of-thought analytics and agile visualizations, SpatialKey helps insurers understand risk accumulations and composition, respond to live catastrophe events, and manage exposure proactively at the point of underwriting. As insurers innovate to deliver value to their customers and seek to optimize their risk portfolio, SpatialKey will continue to work with them to deliver revolutionary analytics. For more information, visit www.spatialkey.com.
Source:Willis Group Holdings