Previsico today announces its partnership with Generali Global Corporate & Commercial Risk Engineering & Loss Prevention (Generali) to significantly aid loss prevention by enhancing clients’ flood emergency response readiness.
Currently, in the UK, Environment Agency (EA) early warning systems are already in place for river and coastal flooding, however not for surface water flooding, which threatens one in five properties in the UK (more than any other form of flood risk).
The impact of climate change and urbanisation mean that surface water flooding already makes up almost 60% of UK flood risk, according to the UN Intergovernmental Panel on Climate Change. Further, a threefold increase in commercial property damage from climate related risks is predicted by XDI 1000 by 2050.
This, therefore, is a pressing issue for all property insurers, including leading corporate insurance provider Generali, who turned to Previsico for its unique solution to help its clients mitigate damage to their properties through timely warnings and enhanced readiness to major flood events.
Jonathan Jackson, CEO of Previsico, said: “We are proud to be supporting Generali with the tools and technology they and their clients need to mitigate loss and build climate resilience. As the effects of climate change become ever more prominent, offering such a service will help Generali to secure its leading position in the UK market over the long term.”
Previsico’s solution, developed over two decades of academic research, and in partnership with the Cabinet Office and emergency services, provides live, actionable surface water flood warnings not covered by any other system, using live hydrodynamic modelling that draws on several data sources, such as satellite imagery, weather data from the Met Office and IBM, LiDAR elevation data, IoT sensors, and more.
Dr Avi Baruch, Co-founder and COO of Previsico, said: “Most flood impacts are avoidable. With actionable flood warnings showing depths and timings of events, people and organisations have the tools they need to mitigate loss and build climate resilience.”
James Aubrey Robson, Construction Risk Engineer of Generali UK, said: “This partnership will be enormously beneficial to our clients and our business. Recently, two clients suffered pluvial flood events on the same day, leading to almost £1million in losses and delaying construction works by over 6 months. Now, with Previsico, our clients can ensure timely placement of temporary protection measures to prevent such losses from occurring.”