LONDON, 13 June 2013 – Impact Forecasting, the catastrophe model development center of excellence at Aon Benfield, has launched a scenario model for the recent German floods. Using event footprints that outline the extent of the flood enables insurers to obtain a more realistic estimate of their specific exposure. Aon Benfield is the global reinsurance intermediary and capital advisor of Aon plc (NYSE:AON).

The footprint of the flood event is based on images from the German Aerospace Center (DLR) & Astrium Services / Infoterra GmbH, which are publicly available due to the International Charter "Space and Major Disasters”, and from SERTIT supplied by PERILS and available free of charge on www.perils.org. These footprints are then converted to ELEMENTS format and uploaded to the Impact Forecasting’s loss calculation platform. In ELEMENTS the hazard is then superimposed onto the insurer’s portfolio to calculate exposed sums insured. Insurers can chose from three different footprints based on either of the two individual sources provided or through a combination of both.

As the flooding is still ongoing, the footprints will be continuously updated with new developments.

Adam Podlaha, international head of Impact Forecasting, commented: “This highlights the flexibility of the ELEMENTS platform to integrate different third party data. This enables our clients to obtain several perspectives on the effect of such an event within a few days after and even when it is ongoing.”

Petr Puncochar, head of flood modelling at international Impact Forecasting, added: “Incorporating high resolution satellite images into catastrophe models shows how the insurance industry can benefit if the right kind of remote sensing data are available.”

The new German tool builds upon Impact Forecasting’s suite of new scenario models which also enable insurers and reinsurers to validate existing probabilistic models and examine specific events in territories where no models currently exist. In addition, firms can monitor exposure in key areas and provide more detailed information for reinsurance purchase and claims management.

Ends

PICTURED: Map of flooded area in Deggendorf (Germany) as implemented in ELEMENTS. Processed from publically available satellite images (International Charter, PERILS) http://img.en25.com/Web/AonBenfield/footprint_Deggendorf_PERILS_ZKI_BING.png

About Impact Forecasting® LLC

Impact Forecasting is a catastrophe modeling center of excellence whose seismologists, meteorologists, engineers, mathematicians, finance risk management and insurance professionals analyze the financial implications of natural and man-made catastrophes around the world.  Impact Forecasting’s experts develop software tools and models that help clients understand risks from hurricanes, tornadoes, earthquakes, wildfires and terrorist attacks on property, casualty and crop insurers and reinsurers.  To find out more about Impact Forecasting® LLC, visit www.impactforecasting.com.

About Aon Benfield

Aon Benfield, a division of Aon plc, is the world’s leading reinsurance intermediary and full-service capital advisor. We empower our clients to better understand, manage and transfer risk through innovative solutions and personalized access to all forms of global reinsurance capital across treaty, facultative and capital markets. As a trusted advocate, we deliver a local reach to the world’s markets, an unparalleled investment in innovative analytics, including catastrophe management, actuarial and rating agency advisory. Through our professionals’ expertise and experience, we advise clients in making optimal capital choices that will empower results and improve operational effectiveness for their business. With more than 80 offices in 50 countries, our worldwide client base has access to the broadest portfolio of integrated capital solutions and services. To learn how Aon Benfield helps empower results, please visit aonbenfield.com.

About Aon

Aon plc (NYSE:AON) is the leading global provider of risk management, insurance and reinsurance brokerage, and human resources solutions and outsourcing services. Through its more than 65,000 colleagues worldwide, Aon unites to empower results for clients in over 120 countries via innovative and effective risk and people solutions and through industry-leading global resources and technical expertise. Aon has been named repeatedly as the world’s best broker, best insurance intermediary, reinsurance intermediary, captives manager and best employee benefits consulting firm by multiple industry sources. Visit www.aon.com for more information on Aon and www.aon.com/manchesterunited to learn about Aon’s global partnership and shirt sponsorship with Manchester United.