Flood risk data that gives insurers the bigger picture

“Climate is the ‘biggest single opportunity’ the insurance industry has ever seen.”

– Lloyd’s of London CEO, John Neal

Despite flood risk to property being the biggest natural peril in the UK, a failure to consider groundwater has prevented adequate property-level quantification of risk. In reality the risk varies more rapidly than predicted by prevailing models.

Climate change is multiplying this problem. Volatility has already led to bigger claims, particularly on large commercial sites.

Pioneering analysis by GeoSmart has led to FloodSmart Analytics, a new flood model for Britain that provides complete property-level flood risk estimates together with exposure and loss information for a range of requirements within in the insurance industry.

Importantly, FloodSmart Analytics addresses flooding from all sources, including groundwater, and it integrates directly into your existing systems via our API. It provides multi-metric loss modelling predictions, along with long-term climate change scenario modelling.

Here’s how FloodSmart Analytics can help you:

• Underwriters – Use our data to support decision-making on premiums, coverage limits, policy terms for flood-prone properties, and triggers for parametric products.
• Actuaries – To model scenarios, assess flood probabilities, estimate potential losses, and set premium rates.
• Claims Adjusters – Need our data to investigate flooding causes, assess policy coverage, and process claims efficiently.
• Risk Managers – Use our data for decisions on risk transfer, retention, investment in risk reduction, and overall risk management strategies.
• Insurance Brokers – Rely on our data to evaluate insurance policies, compare coverage options, and negotiate terms and premiums for clients.