Previsico, a flood InsurTech has launched its live flood forecasting alert service in partnership with Nexus Alpha USA, to mitigate surface water flood losses for insurers and their customers in the US.
Nexus Alpha USA is an established agent selling products and services across a variety of sectors, acting as a hub for international innovation in the North and South American markets.
Today, half of all US economic losses from flood are due to pluvial flooding, as revealed by a recent study.
At the same time, Previsico highlighted that current flash flood warnings lack actionable data, as they cover large geographies, which generate many false alarms with a resultant lack of action. Moreover, a threefold increase in damage to commercial property from climate-related risk is now predicted by risk analysts XDI 1000 by 2050.
Previsico’s next generation flood forecasting solution brings together IoT sensors, the latest weather data from IBM’s Weather Company, and advanced flood modelling capabilities to address the increasing issue of surface water flooding for insurers, their major corporate clients, and customers.
The InsurTech has been on a fast-track since launch in 2019, following 20 years of academic research, and is now supporting brokers, insurers Liberty and Zurich, and their clients, with ‘live actionable flood warnings’ for surface water flooding to mitigate losses.
Previsico said its initial focus will be on New York, which has experienced serious flood issues and losses over the years, including last year, when a state of emergency was declared after it was hit by record rainfall and deadly flash floods as a result of Tropical Storm Ida.
Other states, such as Nevada, where Las Vegas recently suffered multiple and lethal flash flooding, will follow as demand increases.
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 save people, properties, and businesses from the devastating impacts of flooding by mitigating its impact, particularly the effects of surface water.”
Earlier this year, Previsico partnered with Zurich Municipal to boost flood risk resilience across the UK public sector.
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