In conjunction with this expansion, Previsico has secured an additional US$2.2 million in funding to accelerate its growth in the US market.
The success and accuracy demonstrated by Previsico’s model during the recent New York flooding event have positioned the company as a crucial player in addressing surface water flood losses for insurers and their clients in one of the world’s most affected markets. The technology’s ability to predict and assess flooding risks in real time offers significant potential benefits for insurers and policyholders alike.
New York was chosen as a strategic focus for Previsico due to its history of serious flood issues and losses, even before the recent record-breaking event. The company’s proactive approach aligns with its broader mission to address and mitigate the impact of surface water floods in the US.
The success in New York sets the stage for Previsico’s expansion into other states, responding to increasing demand for advanced flood forecasting solutions. States like Nevada, which recently faced multiple and lethal flash floods in Las Vegas, are among those slated to follow as Previsico continues to make strides in the US market.
Jonathan Jackson, Previsico’s CEO, said: “Our move into the US market demonstrates our determination to continuously improve and extend our unique flood forecasting service. Working in partnership with the US insurance market, we will be able to help save people, properties, and businesses from the devastating impacts of flooding by mitigating its impact, particularly the effects of surface water.”
Insurance losses caused by flooding
Recent data from Nature.com (2022) reveals that half of all US economic losses attributed to floods result from pluvial flooding. Despite this, current actionable flood warnings primarily cover major river systems and coastal flooding, with flash flood warnings delivered through weather alerts. However, these warnings often lack the specificity needed for effective loss prevention, particularly considering local conditions.
Risk analysts from XDI 1000 predict a threefold increase in damage to commercial property from climate-related risks by 2050. Recognizing these challenges, Previsico introduces cutting-edge technology that empowers insurers to provide customers with immediate alerts about potential risks to their properties. This proactive approach allows property owners to take preventive measures, such as relocating valuables to higher ground or implementing temporary flood defenses, contributing to a mutually beneficial outcome for insurers and their clients.
Previsico’s technology, developed over 20 years of academic research, has already gained global recognition. The platform supports major insurers, including Liberty, Zurich, and Generali, offering live actionable flood warnings specifically tailored for surface water flooding to mitigate potential losses.
Collaborating with Lloyd’s Lab in London, UK, Previsico’s warnings have been endorsed by underwriters who acknowledge their potential to mitigate 70% or more of commercial losses for businesses equipped with a flood plan and resilience measures.
The next-generation live flood forecasting solution from Previsico combines the latest US weather data from IBM, ground-level IoT devices, and advanced flood modeling capabilities. This holistic approach addresses the escalating global challenge of surface water flooding, benefiting insurers, the public sector, and both major corporate clients and SMEs.
Author: Joanna England
