Property data specialists WhenFresh has announced further collaboration with risk management and predictive analytics firm Ambiental to make available its FloodScore Climate dataset available via its proprietary API.
Ambiental’s FloodScore Climate solution is designed to enable the re/insurance and banking sector to respond to the Bank of England’s regulatory requirements.
It does this by providing individual property-level flood risk scores, both for the present day and the 2050s and 2080s, based on low, medium, and high emission scenarios as defined by UKCP18 (the UK Climate Projections).
This move follows the integration of Ambiental’s FloodScore back in February, where each UK property is given a measure of the likelihood and severity of a flood hazard affecting it from fluvial, pluvial, and tidal sources.
The data is designed to enable insurers to assess current and future flood risk data for more accurate analysis within existing portfolios, enabling them to meet regulatory obligations as well as their commercial needs for the future.
Rob Carling, Ambiental’s Channel Sales Manager, said, “We are pleased to extend our partnership with WhenFresh by adding our FloodScoreTM Climate dataset to their highly regarded API.
“The demand from the financial sector for accurate data has increased significantly over the last few years,” he added.
“We expect this trend to continue following the Bank of England’s strategic focus on climate change risks, and new legislation coming into force from April 2022 that makes it mandatory for firms to disclose climate-related financial risks and opportunities.”
Mark Cunningham, co-founder and CEO of WhenFresh, commented, “It’s a great step forward for us to have Ambiental’s FloodScoreTM Climate data alongside the ever-growing stable of property attribute, risk, peril, environmental, geospatial, topological, and valuation datasets we make available through the WhenFresh API.
“Our aim has always been to make best-in-class datasets such as this easily accessible to end users to remove the barriers to digital transformation – and we’re seeing a solid increase in the use of climate and environmental data among insurers, banks, and other big data users, not least for regulatory reasons.”