Aon Launches Updated Thai Flood Model to Support Underwriters in Market

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London-based professional services firm Aon plc has launched an updated Thailand flood disaster model to improve understanding of this danger and help insurance companies build resistance for businesses and communities.

Following the floods that resulted in 2011’s $ 15 billion insured loss, Aon said that Thailand’s risk continued to rise with the rapid increase in people and property that people are often exposed to.

Starting from Thailand’s first flood model launched in June 2012, Impact Forecasting, an updated tool for Aon’s disaster model development team, is taking advantage of scientific progress in hydrological, hydrological and statistical modeling.

Since 2011, the government has also had to invest in a new model to capture the most up-to-date flood defense information for the most accurate flood assessment in the light of substantial flood and mitigation measures.

This model will support the existing insurance companies in Thailand – increasingly – those who want to grow in those areas – by understanding their purchasing and managing portfolios, effectively and in the best possible way.

Model includes:

A multi-source industry database that allows these sources to be modeled more accurately during the 2011 sales cycle, leading to global supply chain outages.
High resolution altitude data: 10m for larger Bangkok area and 30m for Thailand’s back
Data from more than 200 metering stations covering all aspects of local hydrological regimes, including flood seasonality
Types of construction, number of floors, basement floors and so on. More than 700 enhanced security classes with many additional modifiers
The most recent information on flood protection measures to catch the flood risk more accurately
“This is an exciting time for the Thai reinsurance market to play an important role in supporting our ever-evolving business,” said Panchit Ekaraphanich, chairman of the Thai Charter for the Aon Reasürans Solutions business in Thailand.

“Following the 2011 release, Ekaraphanich is leaping back to the industrial sector, but is more aware of the potential risks. “The market needed a method to evaluate and mitigate these risks more accurately. For this reason, the launch of the updated flood model of Impact Forecasting is vital to reassure insurance companies in supporting and supporting businesses and communities in the region. ”

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Himavant Mulugu, a flood model developer on Aon’s Impact Precasting team, said: “Our goal is to produce one of the most detailed and advanced models in Southeast Asia, showing how data and analytics can make a difference in the market. new products and possibilities. A notable feature of the model is the two scenarios of the 2011 floods: the situation as it was in 2011, and the situation today, to provide better insight into the insurers and better planning, taking into account new flood defenses. “

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