Previsico today announces a ground breaking initiative with GWTInsight, a leading commercial building data services company, to help insurers work closely with their property owner clients to mitigate the risk of surface water flood damage.
GWTInsight and Previsico working together in an ecosystem is a natural development. Previsico provides live, actionable street-level flood nowcast and forecast warnings. GWTInsight uses its unique Observer device and technology to monitor building systems which can warn property owners of potential hazards, including fire risks, legionnaires disease risks in water amongst others things.
Working together, Previsico’s data will plug into GWTInsights’ data presentation system to include accurate, real-time surface water flood warnings, giving property owners valuable time to protect their assets.
Today, surface water flooding makes up almost 60% of UK flood risk and, according to the UN Intergovernmental Panel on Climate Change (IPCC), “climate change could increase the annual cost of flooding in the UK almost 15-fold by the 2080s under high emission scenarios.” In addition, a threefold increase in damage to commercial property from climate related risk is now predicted by risk analysts XDI 1000 by 2050.
Large insurers are already using GWTInsights technology, including AXA and Zurich with a view of historical and real-time data. The addition of surface water flooding warnings will help insurers, and others, extend services to the mitigation of flood losses.
Jonathan Jackson, CEO of Previsico, said: “We are delighted to be working with GWTInsight and their ground-breaking service. Surface water flooding can lead to catastrophic loss; anything that helps to mitigate this risk is presents a huge advantage for building owners and their insurers.”
Iain Wilcox, CEO of GWTInsight, said: “The inclusion of the ability to use Previsico’s market leading accurate flood warnings will be attractive to our clients and is another way in which technology companies combine to break new ground in the insurance industry.”
Previsico’s next generation live flood forecasting solution now uniquely brings together IoT sensors, the latest weather data from the Met Office and IBM, and their advanced flood modelling capabilities to address