The Shrewsbury-based company has stated that FloodSmart Analytics provides high-definition analysis for flood depths, probabilities, and the costs of flooding from river, coastal, surface water and groundwater sources — including the impact of climate change.
The product aims to enable organisations across the financial services and insurance sectors to examine the risk levels for buildings, which will result in better risk management decision-making.
FloodSmart Analytics is led by Phillip Martin, who brings more than 30 years of insurance, reinsurance and finance experience to GeoSmart Information.
Phillip said that extreme weather events due to the climate emergency has highlighted a “significant disparity” between the long-term nature of property lending and the short-term nature of risk transfer through insurance.
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“Historical experience can no longer provide an adequate data set for using quantitative statistical models, which are currently heavily relied on,” he explained.
“Using inferior data will lead to sub-optimal decisions by insurers, mortgage lenders and risk analysts, so it makes sense to use the best available data.
“We’ve developed FloodSmart Analytics to enable property buyers and their lenders and insurers to establish the flood risk of a single property, or a whole portfolio of assets, so that decisions can be made as to the type of coverage that is necessary on insurance.
“There is little point in a consumer going to a cheaper insurance broker if they discover the specific coverage they need has been excluded.
“By using this model, everyone can make informed decisions.”
Pictured above, L-R: Phillip Martin, FloodSmart Analytics lead, with Paul Ellis, managing director at GeoSmart Information