Previsico & Descartes partner to provide UK corporate parametric flood insurance

Flood forecasting specialist Previsico has partnered with Descartes to offer businesses in the UK and Ireland accurate flood warnings and quick claims payments through new parametric coverage.

According to Steven Hayward, IoT Systems Manager at Previsico, a third of commercial properties in the UK are at risk from flooding.

“Our partnership with Descartes is a game-changer. It will provide businesses with our advanced flood warnings and ensure more organisations can potentially receive parametric insurance payments should the worst occur, enabling them to survive the financial impact of flooding,” he added.

Through its Flood Intel Platform, Previsico forecasts the depth and duration of surface water and ordinary watercourse flooding up to 48 hours in advance for individual risks and continuously monitors local conditions, including water levels.

Descartes will reportedly combine real-time data from Previsico’s sensors and public river gauges to underpin claims payments with a payout structure increasing with the severity of the flood.

As per the corporate insurer, the arrangement will enable it to support flood risk mitigation, with Previsico’s flood forecasts helping companies take action before floodwaters enter their premises.

Alessandro Girelli, Underwriting Director, UK & Ireland, at Descartes, said, “Working with Previsico, we’re able to manage corporate flood risk in a simple, transparent and speedy way.”

Vania Hernandez Bello, Innovation Project Manager at Descartes, added, “With increasingly problematic flood exposures in the UK and our commitment to helping clients become more resilient, partnering with a reliable local expert was essential.

“Collaborating with Previsico and their advanced flood sensor technology has been instrumental in enhancing our insurance product by enabling more accurate flood level detection.”

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