Global reinsurer RenaissanceRe (RenRe) has entered into a partnership with First Street Foundation to enhance data and modelling capabilities on the critical issue of flood risk.
RenRe will license the First Street Foundation’s flood maps and leverage its trusted, peer-reviewed property-level flood risk data to evaluate how a changing climate could reshape the insurance industry and impact financial markets by exacerbating the threat of flood-related damage to homes and properties throughout the country.
First Street Foundation and RenRe will partner on multiple projects evaluating the effect of climate change on flood risk and other perils across the United States.
Matthew Eby, founder and executive director of the First Street Foundation commented: “The most effective way to confront the challenges of a changing climate is to ensure communities, governments and businesses understand its impact on the American economy so they can lead efforts to mitigate it.
“By partnering with an insurance innovator like RenaissanceRe, First Street Foundation is empowering the industry to better understand and evaluate the growing financial risks to properties from climate change.”
Ian Branagan, RenaissanceRe’s EVP & Group Chief Risk Officer, said: “RenaissanceRe has long blended science, technology and risk intelligence to deliver actionable solutions for our clients.
“We are always looking for ways to augment our holistic view of risk and having more precise property data to better predict financial losses from flooding due to climate change, especially over the long-term, will help us better support our partners in the insurance industry and beyond.”