Fathom, a flood risk modelling business has partnered with Reask, a climate risk analytics firm specialised in atmospheric hazard models, to create combined wind and flood risk models.
Founded in 2013, Fathom gives risk management professionals scientifically robust tools and intelligence for understanding the climate’s impact on water risk.
The partnership will enable each firm to re-sell the other’s products and services to new and existing clients. In addition, from 2023 the two companies aim to bring new hazard data maps and catastrophe risk models to market, covering the combined perils of flood and wind.
According to Reask, insurers and the wider financial services industry have a greater need than ever to understand the combined risk of floods and hurricanes, and how the intensity of both will change and correlate in years to come. This is in light of the growing impact of climate change and the increased focus on the environmental element of ESG.
Andrew Smith, COO and co-founder of Fathom, said, “Fathom and Reask share the same values and approach. We’re working towards the same goals and have many shared customers so this partnership was an easy decision for us both.
“Both organisations are led by scientists, who are committed to being transparent and open about the data, methodologies and machine learning techniques that sit at the heart of our models. This shared ‘glass box’ approach means that risk professionals can understand the work our academics put in, and customers know they can trust our models.”
Earlier this year, Betterview, an InsurTech provider of actionable property intelligence to property and casualty (P&C) insurance companies, launched a Catastrophe Response System (CAT-RS) which it said will solve many of the greatest challenges insurers face when responding to natural catastrophe events such as hurricanes, wildfires, and more.
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