Previsico, a leader in flood forecasting technology, has announced an innovative solution aimed at addressing the rising challenges posed by surface water flooding. This live forecasting service, initially targeted at Ireland's water sector, promises to mitigate flood-related losses for both insurers and their customers, a crucial development amid increasing extreme weather events attributed to climate change.
The partnership between Previsico and UDLive, a Dublin-based company specialising in environmental monitoring, is at the heart of this initiative. UDLive's expertise encompasses wastewater, flooding, and highway infrastructure, making them an ideal partner in deploying real-time environmental data to manage flood risks. Through advanced technology and data from IoT sensors, Previsico aims to monitor Ireland's water networks closely and deliver timely alerts to tackle flood threats effectively.
Jonathan Jackson, CEO of Previsico, underscored the significance of this partnership, expressing excitement about entering the Republic of Ireland’s market. The collaboration marks a pivotal step in Previsico's mission to extend its flood forecasting and water management solutions internationally. Jackson stated, “We are thrilled to partner with UDLive as we launch in the Republic of Ireland, bringing our best-in-class flood forecasting and water management solutions to a new market."
Ireland's coastal and inland areas are susceptible to significant flood risks due to its geographic location in the path of Atlantic storms. These storms bring severe weather conditions, particularly during winter months, often resulting in heavy rainfall and storm surges. The implications are far-reaching, impacting not just residential communities but also critical infrastructure such as roads, bridges, and water supply systems. Recent reports from The Irish Times suggest that by 2050, up to 70,000 properties in Ireland may be at risk of substantial coastal flooding, with many more vulnerable to surface water and flash floods.
Previsico’s advanced technology, which integrates data from the UK Met Office and additional insights from US counterparts, offers a transformative approach to flood risk management. The solution provides insurers with the capability to alert policyholders about imminent flood risks. This preemptive measure enables individuals and businesses to take action, such as securing valuables or implementing temporary flood defenses, potentially averting severe damage.
In partnership with Lloyd’s Lab in London, Previsico has refined its forecasting solutions, demonstrating a significant reduction in commercial flood-related losses—over 70% for those enterprises equipped with flood response strategies. This impressive statistic reflects the potential benefits for insurers and businesses adopting Previsico's technology.
With over 20 years of research underpinning its offerings, Previsico is no stranger to the global stage, already supporting prominent insurers like Liberty, Zurich, and Generali, as well as numerous public sector clients, large corporations, and small-to-medium enterprises (SMEs). As the company expands its reach into Ireland, it continues to provide crucial live flood alerts designed to counteract the increasing flood risks associated with climate change.
This strategic expansion into Ireland positions Previsico and UDLive as key players in addressing a pressing global issue—climate-related flood risks. Their combined efforts promise to enhance resilience, offering a measure of security to communities and businesses facing the unpredictability of severe weather patterns.
Source: Noah Wire Services