Generali Global Corporate & Commercial (GC&C) and the live flood alert InsurTech Previsico have announced a strategic partnership to significantly enhance clients’ flood emergency response readiness.
Currently, in the UK, Environment Agency (EA) early warning systems are already in place for river and coastal flooding, but 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.
To continue to be a Lifetime Partner committed to customers, Generali GC&C will broaden its own capabilities in terms of insurance coverage thanks to Previsico’s know how, based on unique technical expertise and warning solutions, in order to help its UK clients’ mitigate damage coming from major floods events.
Previsico’s solutions, 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.
GC&C’s clients can benefit from a flood dashboard, which displays the predicted time and depth of flooding up to 48 hours in advance; email notifications, with warnings that are triggered when properties are at risk; an API feed, with an automated delivery of real-time forecast data allowing integration with existing systems; and a water depth sensor, which enhances monitoring in at risk locations.
Alan Moore, General Manager Generali UK Branch and UK Country Head Global Corporate & Commercial, said: “This partnership will be truly beneficial to our clients and our business. We work hard to understand our clients’ most troubling concerns and protect their interests. Risk Engineering & Loss Prevention, together with Underwriting and Claims, are now becoming more data and technology based. With Previsico, GC&C strengthens its ability to meet the evolving clients’ insurance needs, by helping them to further prevent and mitigate their risk exposures and enhance cost-effectiveness of their insurance coverage.”
Calvin Moore, Head of Risk Engineering GC&C 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.”
Jonathan Jackson, CEO of Previsico, said: “We are proud to be supporting Generali GC&C 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.”