The new service aims to reduce surface water flood losses for insurers and their customers amid a rise in extreme weather events linked to climate change.
The live forecasting solution will be initially focused on the water sector, leveraging Previsico’s partnership with UDLive, a company providing environmental monitoring services for wastewater, flooding, and highway infrastructure. Together, the two companies will use real-time surface water data to monitor and address potential flood risks across Ireland’s water networks.
Jonathan Jackson, CEO of Previsico, highlighted the importance of this expansion, stating, “We are thrilled to partner with UDLive as we launch in the Republic of Ireland, bringing our best-in-class flood forecasting and water management solutions to a new market. Through Previsico’s suite of unique products and services, we aim to protect people, properties, and businesses from the devastation of flooding.”
Ireland’s geographic position exposes it to Atlantic storms, which bring heavy rain and storm surges, especially during winter. This impacts not only residential areas but also vital infrastructure like roads and bridges. According to The Irish Times, an estimated 70,000 properties in Ireland could face significant risk of coastal flooding by 2050 due to climate change, with even more at risk from surface water and flash flooding – the leading cause of global flood damage.
Using data from the UK Met Office, U.S. counterparts, IoT sensors, and sophisticated flood modeling, Previsico’s technology enables insurers to alert policyholders to imminent flood risks. This allows people to safeguard valuables and set up temporary flood defenses in advance, which can mitigate significant damage. Working with Lloyd’s Lab in London, Previsico’s forecasts have been shown to reduce commercial loss by over 70% for businesses with flood response plans and resilience measures in place.
Building on 20 years of academic research, Previsico has achieved significant global traction, supporting insurers like Liberty, Zurich, and Generali, alongside public sector clients, major corporations, and SMEs. By offering live flood alerts for surface water flooding, Previsico aims to mitigate flood losses and address a growing climate threat worldwide.
