Addresscloud and Ambiental Risk Analytics are teaming up to advance climate change data to the insurance market.
The companies said that their joint venture would marry Ambiental’s high-resolution flood data and climate risk models within Addresscloud’s existing perils platform.
Mark Varley, founder and CEO of Addresscloud, said: “I am proud to be making Ambiental’s market-leading data available to our insurance customers across Europe. Insurers must begin to take a longer-term view of their risk profile, using advanced predictive flood risk analytics, overlaid with climate change data to understand their exposure over the coming years.”
Rob Carling, channel sales manager at Ambiental added; “We are excited to partner with Addresscloud. Insurers increasingly want to work with providers who can facilitate access to detailed, accurate data but in a way that is straightforward to understand and utilise efficiently. Through working together we are placing our advanced, predictive flood risk analytics directly into the hands of our clients.
Ambiental said that insurers need to be modelling for increased flooding within the UK, estimating that 1.2m properties in the country could be at risk of flooding by 2050.
The announcement comes as there is an increased focus on UK flooding. About a fortnight ago, Flood Re announced its ‘Build Back Better’ campaign to help UK areas affected by flooding.
At the time of Flood Re’s announcement, Andy Bord, CEO of the government-backed reinsurer, said: “In the UK, since 1998 we have seen six of the wettest years on record, with 5.2m homes and businesses at risk of flooding. The trajectory will only continue to worsen without urgent, collective action – there is no time to waste. It is vital we encourage and incentivise adaptation among homeowners.”
Bord added: “The insurance industry has an opportunity to show its innovation and responsiveness to consumer need and to make real, tangible change. But to do so, we must throw the traditional principles of insurance to one side. This means thinking of future resilience and building back better after a flood, rather than simply returning a property to how it was before.”
This latest announcement comes just under a year after Flood Re said that the industry needed to do more to help ensure flood resilience across the UK before 2039.
