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Old Mutual Insure and JBA Risk Management seal flood deal

Old Mutual Insure and JBA Risk Management seal flood deal
23-01-24 / Tommy Jackson

Old Mutual Insure and JBA Risk Management seal flood deal

Johannesburg - UK-based flood science specialist JBA Risk Management has secured a new partnership with South African non-life insurer Old Mutual Insure for use of its detailed flood maps in the country. The move will provide the insurer, which was established in Cape Town in 1831 and is now one of the largest in South Africa, with detailed underwriting insight into its flood exposure and will open up wider access to affordable reinsurance capacity.

Flood risk is a growing concern in South Africa due to the changing climate. In April 2022 for example long periods of heavy rain in the KwaZulu-Natal region caused flooding and mudslides in Durban and surrounding areas, affecting over 40,000 people and leaving a trail of destruction.

The initial one-year deal is the third in the last 12 months for JBA in South Africa and will enable Old Mutual Insure to better underwrite flood risks in both personal and commercial lines. The insurer will access JBA’s flood data using JBA’s Flyvis online platform which provides property-level flood risk data for any location.

Ronald Richman, Chief Actuary, Old Mutual Insure South Africa commented:

“Flood risk is growing in South Africa with devastating impacts on both people and businesses. Gaining access to JBA’s location-level flood data means that we will have a much more informed view of flood risk which will enhance our capability in underwriting flood exposure. As a result, we will be able to offer an improved and more appropriate flood risk cover for our clients and ensure our business model remains robust and climate-change ready.”

Haydn Marchant, Re/insurance Specialist, JBA Risk Management commented:

“We are delighted to be working with Old Mutual Insure to help it understand and manage its flood risk in South Africa. Informed decision-making around flood is critical in building future resilience for both the insurance market and its customers.”

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