Live flood alert InsurTech platform Previsico has partnered with the new €4.3bn Meteosat Third Generation satellite system.
This new system will allow Previsico to be more accurate and timelier with flood warnings, providing insurers and property owners with more time to mitigate flood impacts.
The Royal Meteorological Society has reported that climate change will drive a fivefold increase in the frequency and magnitude of flash floods in the UK by the 2080s. As a result of this, flood losses are expected to increase tenfold to $1trn by 2050, according to the WRI.
Previsico provides real-time property-level surface water flood forecasts that enable clients to mitigate flood impacts. The forecasts are given up to 48 hours in advance and continuously updated with new weather data.
However, every storm is different and hourly changes in weather patterns makes them tough to predict. The next-generation Meteosat system will provide 50-times more data than existing Meteosat satellites, increasing the accuracy of forecasts.
The first satellite of the new generation was launched on 13 December and consists of three satellites in orbit 36,000km above the African equator. These will provide images of Europe every 2.5 minutes, including the first observations of lightning from space.
Previsico CEO Jonathan Jackson said, “The cost of flooding to the global economy is significant, well-known, and forecast to increase greatly in the future due to increasingly volatile weather caused by global warming.
“Yet many of these flood impacts are entirely avoidable with the right technology in place. The data from Meteosat will enable Previsico to take our already world-leading service to the next level.”
Last year, Previsico partnered with Nexus Alpha USA, to help mitigate surface water flood losses for insurers and their customers in the US.
It also partnered with Generali Global Corporate & Commercial (GC&C) to help clients improve their flood emergency response readiness.
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