Previsico has launched a live flood forecasting alert service in the Republic of Ireland, aimed at reducing surface water flood losses for insurers and their clients.
Its introduction comes in response to increased flooding events driven by more intense weather patterns linked to climate change.
The flood forecasting service, which will be available to all insurers operating in Ireland, will initially prioritise the water sector. Previsico explained that this focus stems from the company’s collaboration with UDLive, a provider of environmental monitoring across wastewater, highways, and other sectors affected by water.
Through the partnership, the companies plan to leverage surface water insights to identify potential risks within Ireland’s water networks.
Previsico’s CEO Jonathan Jackson (pictured above), expressed the company's intent to extend its flood forecasting and water management solutions to new markets through the partnership.
“Through Previsico’s suite of unique products and services, we can help to save people, properties, and businesses from the devastation of flooding by mitigating its impact,” he said.
Ireland’s geographic position leaves it susceptible to storms from the Atlantic, which often lead to heavy rainfall and storm surges, particularly in winter. This vulnerability affects not only residential and commercial properties but also critical infrastructure such as roads, bridges, and water networks.
According to reports, climate change could lead to increased flood risks, potentially endangering 70,000 Irish addresses with coastal flooding by 2050, with additional properties exposed to surface water or flash flooding, a leading cause of flood damage worldwide.
Previsico’s flood forecasting service, supported by IoT sensors in the field, allows insurers to alert their clients about immediate flood risks. This enables policyholders to take precautionary actions, such as relocating valuable items or setting up temporary flood barriers, to minimise damage. This system is expected to benefit both insurers and their clients by reducing potential losses.
Underwriters collaborating with Previsico through Lloyd’s Lab in London have concluded that Previsico’s warnings can reduce commercial losses by 70% or more for businesses that have established flood plans and resilience measures.
The solution combines real-time data from weather agencies such as the UK Met Office, IoT devices, and advanced flood modelling to address the growing challenge of surface water flooding.
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