London – 26 October 2017 – ArgoGlobal, the Lloyd’s insurer and member of Argo Group, and Lloyd’s, today announced they will host the world’s first comparison of U.S. inland flood risk modelling at an event taking place on 2 November 2017 in the Lloyd’s London offices. The presentation will also be live-streamed at: http://argo.protectedvideos.com/.
The event will be hosted by Dr. Federico Waisman, SVP head of analytics at Ariel Re (part of Argo Group) and include presentations from the market’s four leading flood risk modelling vendors: AIR, KatRisk, Impact Forecasting and CoreLogic.
Dr. Waisman said: “This is a significant milestone for the modelling of inland flood in the U.S., and could not be more timely. We have witnessed time and again the devastation wrought by flooding. The models presented at this event will enable the insurance industry to better underwrite this risk. The potential for growth in this area is clear. With the benefit of more robust analytics the U.S. flood market could represent an area of significant potential for (re)insurers. This event will enable the market to witness how these relatively new models perform, and gain valuable insights into their respective processes.”
David Clouston, head of Lloyd’s risk aggregation, said: “We are experiencing one of the most active hurricane seasons this century. Widespread flooding as a result of Windstorms Harvey and Irma has once again highlighted the costs of natural catastrophes – both in terms of human suffering and economic hardship. The need for a deeper understanding of inland flood modelling is more important than ever. Lloyd’s is partnering with Argo for this indepth analysis of flood risk modelling for the United States. The event will put the next generation of models to the test, under the expert stewardship of Dr. Federico Waisman. We look forward to showcasing the modelling tools that will help to develop new solutions to these risk management challenges.”
At the event, each of the modelling vendors will introduce their U.S. inland flood risk models in five-minute presentations, explaining their research, the science behind their model and the data sources it incorporates. There will then be a side-by-side comparison of the models’ technical specifications and results using the same input data and same model options. Dr. Waisman will present the models’ calculations across a number of different scenarios, which include hypothetical and real-life events such as last year’s flooding in Louisiana and recent flooding from Hurricane Harvey.
The AIR and Impact Forecasting models have been available in the market for some time. CoreLogic and KatRisk are newly launched with this event, marking the first time this information is made available. Following the side-by-side comparison of the models, each vendor will return to the stage to address the audience and respond to any points made during the comparison. The event will end with a Q&A session led by Dr. Waisman and representatives from AIR, KatRisk, Impact Forecasting and CoreLogic. Modelling firm RMS was originally participating in this event but has since withdrawn as their model is still in development and not ready for public viewing.
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ArgoGlobal is the trading brand of Syndicate 1200 at Lloyd’s, managed by Argo Managing Agency Ltd. The Syndicate offers worldwide property, aerospace, marine, energy, specialty and non-U.S. liability insurance. Market-leading expertise, knowledge, an innovative approach and focus on its customers, together with the substantial resources, financial strength and international scope of Argo Group, support ArgoGlobal’s position as a leading player in the Lloyd’s market. For more information, visit www.argo-global.com.
ABOUT ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
Argo Group International Holdings, Ltd. (NASDAQ: AGII) is an international underwriter of specialty insurance and reinsurance products in the property and casualty market. Argo Group offers a full line of products and services designed to meet the unique coverage and claims handling needs of businesses in two primary segments: U.S. Operations and International Operations. Argo Group’s insurance subsidiaries are A. M. Best-rated ‘A’ (Excellent) (third highest rating out of 16 rating classifications) with a stable outlook, and Argo Group’s U.S. insurance subsidiaries are Standard and Poor’s-rated ‘A-‘ (Strong) with a stable outlook. More information on Argo Group and its subsidiaries is available at www.argolimited.com.
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