The latest from Previsico, who are hoping the new government will spend more on flood defences;
Insurtech Previsico, the flood forecasting pioneers, today announces that they back Labour’s stance on UK flood risk mitigation, following a meeting at Loughborough University with Shadow Secretary of Environment, Food and Rural Affairs, Steve Reed, and Loughborough’s Labour candidate, Dr Jeevan Sandher.
Prior to being spun out of Loughborough University in 2019, Previsico worked closely with the Conservative government by feeding their live flood warnings into COBRA. However, according to Stephen Reed, the Conservative government had allocated £5bn for flood defences to be spent by 2027, but they have only spent £1bn of it to date, leaving a major flood risk mitigation opportunity gap.
Jonathan Jackson, CEO of Previsico,said: “Naturally, we are grateful to our early high-profile stakeholders, including the Cabinet Office, Met Office, and Environment Agency, who facilitated the first pilotsthat led to our significant success with brokers, insurers, and corporates alike, in the UK and beyond.
“Today, however, both residential and commercial properties in the UK are subject to increasing flood risk due to climate change, which is already affecting insurers’ risk appetite and making it increasingly challenging for them to provide affordable flood risk insurance.
“Now, therefore is time for action, and Previsico welcomesthe Shadow Secretary of State for Environment confirmation that Labour would spend the £4bn on measures to mitigate flooding if they come into power, including building flood defences, digging out drainage systems and planting trees along riverbanks.”
This is a major issue, as the number of people in the UK at risk of flooding is projected to increase 61% by 2050 under a modest warming scenario (2°C) and 118% in a high warming scenario (4°C) (HECC report 2023. Chapter 3: Climate change, flooding, coastal change and public health. Further, a third of commercial properties in the UK are at risk from flooding and an estimated 40% of small and mediumsized businesses never reopen after they experience losses from a significant flood event.
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