Guy Carpenter & Company announced that it has extended the coverage of its Asia flood model to include the main flood risk areas in Jakarta, Indonesia.
Floods occur in Jakarta each year, with widespread flooding in 1996, 2002 and 2007 that inundated up to 40 percent of the city. Increasing population pressure and subsidence (40 mm per year or more) of areas already under mean sea level continue to contribute to an increase of flood risk in the region.
Guy Carpenter’s detailed hydrodynamic model, developed in conjunction with an independent research and consultancy organization specializing in hydraulic flood modeling software, is the result of more than two years of research and development. The model allows for analysis up to a 1,000-year return period and enables clients to better estimate their probable maximum losses at various return periods based on their commercial, industrial and residential exposures.
James Nash, CEO - Asia Pacific Region, stated, “Our Asia model focuses on some of the region’s main flood risk areas, providing clients with an unparalleled means of better managing their flood exposures. This groundbreaking model is a significant step in our ability to meet growing client demand for new approaches to catastrophic risk management in the Asia-Pacific region. This model’s ongoing development is an important undertaking, since flood risk remains the most damaging and costly natural peril for many countries in the region.”
David Lightfoot, Head of GC Analytics - Asia-Pacific Region, added, “When we first introduced this model, which initially covered Thailand, we committed to expanding the model to cover other significant areas in Asia. With the continued growth of our engineering and catastrophe modeling expertise based in Singapore, we are pleased to be able to continue creating these locally developed solutions for our clients.”