Aon Benfield launches storm surge risk model for Germany
Aon Benfield has launched a storm surge model for Germany – the first of its kind for the country - to help reinsurers quantify risk in this underdeveloped line of cover.
To date, storm surge has generally not been included in German buildings policies due to reinsurers' inability to accurately assess the peril. The new model, developed by Impact Forecasting, Aon Benfield's catastrophe model center of excellence, analyses variables such as storm frequency, wind speed, tidal movements, wave height, and the efficacy of Germany's current coastal defence systems, which will help firms to define their individual and aggregated exposures across the €300 bn of structures at risk.
Jan-Oliver Thofern, Aon Benfield Germany CEO, said: "By generating thousands of stochastic scenarios, this new storm surge model quantifies re/insurers' exposures and potential claims burden, making the potential danger highly transparent. The model will help creating new opportunities to drive the market, providing reinsurance protection for local business and residents who may have been at risk from a storm surge event."
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