New European flood risk service unveiled
Geo-coding and property intelligence expert Addresscloud has partnered with flood risk management firm JBA Risk Management, to map the flood risk of over 280 million buildings across mainland Europe.
The new service will enable insurers, reinsurers, and brokers to swiftly identify the indicated flood risk at a building level across Europe using just a single address, the two claimed.
The partnership with JBA is a direct response to the demand from insurers to have better clarity on the risk posed by climate change and the escalation in flooding across Europe. Combining Addresscloud’s platform and proprietary geocoding capabilities with JBA’s insights and high-resolution flood data enables underwriters to identify and assess flood risk for any property in Europe, be that a single address or a portfolio of many thousands of addresses.
“We’ve been working closely with JBA for many years and rely on them to provide industry-leading flood data for properties across the UK and Ireland,” said Mark Varley, founder and chief executive at Addresscloud. Increasingly, our customers are asking for broader insights, and need to access consistently accurate information for their risks across Europe. JBA and Addresscloud have worked together to develop a unique flood mapping and risk scoring service that spans Europe. We are also actively working on developing our platform to deliver insight on additional perils across Europe and the United States later this year.
Erik Hoeppner, technical director from JBA added: “We are delighted to provide our market-leading global flood data to inform Addresscloud’s popular and highly capable risk platform, giving clients more opportunity to access our flood risk intelligence. We especially welcome the platform’s capability of assessing risk by linking the analysis to the actual building outline rather than limiting the assessment to a simple location coordinate. This is a further step towards tailoring flood risk insight according to specific property characteristics and enhancing the usefulness of the data.”
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