Generali Global Corporate & Commercial (GC&C) has formed an alliance with flood insurtech platform Previsico to enhance flood emergency response capabilities.
GC&C, which is part of the Generali Group, hopes to benefit from Previsico’s solutions that provide live, actionable surface water flood warnings.
According to the UN Intergovernmental Panel on Climate Change, surface water flooding already makes up almost 60% of UK flood risk due to the impact of climate change and urbanisation.
Previsico’s solutions leverage live hydrodynamic modelling, which has access to multiple data sources such as satellite imagery, weather data from the Met Office and IBM, LiDAR elevation data, and IoT sensors, among others.
The tie-up will give GC&C’s clients access to a flood dashboard, which provides flood times and depth predictions up to 48 hours in advance.
In an event of flooding, the system also includes email notification, an API feed and a water depth sensor, which aids in risk monitoring.
GC&C UK head of risk engineering Calvin Moore said: “This partnership will be enormously beneficial to our clients and our business. Recently, two clients suffered pluvial flood events on the same day, leading to almost £1m in losses and delaying construction works by over six months.
“Now, with Previsico, our clients can ensure timely placement of temporary protection measures to prevent such losses from occurring”.
Previsico CEO Jonathan Jackson said: “We are proud to be supporting Generali GC&C with the tools and technology they and their clients need to mitigate loss and build climate resilience.
“As the effects of climate change become ever more prominent, offering such a service will help Generali to secure its leading position in the UK market over the long term.”
In May this year, Generali increased its stake in rival insurer Società Cattolica di Assicurazione (Cattolica).