Reinsurance specialist Guy Carpenter has expanded its Asian flood model to include the disaster prone region around Jakarta, Indonesia, according to a statement released Tuesday.
The model analyzes a 1,000-year return period to estimate probable maximum losses for multiple exposures such as residential and commercial properties, according to a firm statement. The model was first introduced in 2008 and initially covered Thailand’s Chao Phraya region.
The expansion of the flood model into Indonesia was prompted client demand as well as the Jakarta region’s growing population located under seal level, the statement said.
“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,” said James Nash, Guy Carpenter Asia Pacific Region CEO in a statement
Last year heavy rains killed more than 100 people and displaced more than 5,000 Indonesians in the province of West Papua. Guy Carpenter adds that floods occur in Jakarta annually, including 1996, 2002 and 2007 floods that inundated up to 40 percent of the city.
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