Reinsurance News

Global Parametrics & Fathom partner on flood index

19th March 2021 - Author: Matt Sheehan

Parametric and index-based disaster risk transfer firm Global Parametrics has partnered with UK-based flood risk modeller Fathom on a flood index that will enable new levels of parametric solutions.

Flood insurance and reinsurance imageGlobal Parametrics has combined high resolution data provided by Fathom with streamflow data from the ECMWF GloFAS hydrological and monitoring system to produce the Flood Depth Index (FDI).

This index will form the basis of a new generation of parametric flood products that can be deployed anywhere in the world, the partners say.

“We are delighted to partner with Fathom, and now have the ability to characterise flood risk anywhere in the world at a localised scale – regardless of the quality of traditionally available data,” said Hector Ibarra, CEO at Global Parametrics.

“This furthers our mandate to provide  innovative climate protection and resilience solutions to those underserved globally. We look forward to continuing to work together to support this commitment.”

Global Parametrics will implement the FDI initially in the Philippines, and later in Indonesia and Sudan, to support its B-Ready programme.

A collaboration with Oxfam and Plan International, B-Ready links parametric indices to humanitarian aid, providing immediate, automatic, payments direct to the most vulnerable when a disaster occurs.

The flood depth index will also be used in over 22 countries spanning Latin America, Asia and Africa as part of GP’s ARDIS programme in partnership with VisionFund International, a global microfinance provider.

“We’re able to provide unparalleled flood hazard maps to Global Parametrics, which derive local flood depth from the daily return period of streamflow,” said Christopher Sampson at Fathom.

“We have global expertise in a wide range of sectors including (re)insurance, international development, conservation, emergency response and multi-national corporations. With our transparently open and peer-reviewed approach driven by scientific research, this is an ideal partnership.”

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