Reinsurance News

Previsico & Zurich to boost flood resilience across UK public sector

22nd June 2022 - Author: Jack Willard

Live flood warning insurtech firm Previsico and Zurich Municipal have announced a new partnership to boost flood risk resilience across the public sector.

The partnership will provide Zurich Municipal’s customers with a surface water flood warning system for the first time and free of charge.

At the same time, this solution will also provide warnings for insured properties at risk of imminent flooding, as well as providing local authorities with a new district flood warning service for roads and parks.

The announcement of this partnership comes as flood risk in the UK continues to increase.

In a press release, it states, that as highlighted in the UK Climate Change Risk Assessment Technical Report, unless further action is taken, under a 2°C by 2100 warming scenario annual damages from flooding for non-residential properties across the UK is expected to increase by 27% by 2050.

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With Previsico’s solution, that uses a combination of rainfall nowcasts and forecasts to deliver continuously updated warnings, it will be a game-changer for the public sector, particularly supporting local authorities who are responsible for local flood response plans.

In addition, Zurich will fund the service, enabling its customers to reduce significant losses and disruption for the general public.

With surface water flooding making up almost 60% of UK flood risk, with Environment Agency warnings only covering the other 40% for major rivers and the sea, Previsico’s system will offer 48 hour forecasts every three hours at specific district level.

Moreover, as soon as the system identifies a location is at risk of surface water flooding, a warning is then sent to a relevant contact, which means that resilience measures can be put in place and valuable assets such as property can be protected or art and vehicles moved.

“This extension to our partnership follows the success of our work with Zurich in the private sector with firms such as BT,” said Jonathan Jackson, CEO, Previsico.

“It will enable Zurich to provide warnings down to individual property level (25m) up to 48-hours in advance for insured properties, a first for the public sector, as well as giving local government support with warnings for roads and parks. It also delivers against Zurich’s ESG strategy.”

Andrew Jepp, Managing Director of Zurich Municipal, said: “Surface water flooding is a growing risk which we know causes major disruption to our customers and the services they provide. At Zurich Municipal we are continually looking at ways we can support our customers understand and reduce the risks they face. Our new partnership with Previsico will help our customers to take targeted action to build resilience in their communities.”

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