EuroTempest has released the latest version of its innovative and unique Flood Alert Service. EuroTempest Flood Alerts are designed specifically for the insurance sector and provide, up to a week in advance, detailed forecasts of location, scale and timing of flood damage. By combining forecast rainfall with its proprietary flood risk model and knowledge of insurance claims EuroTempest is able to forecast the impact a potential flood event will have on an insurer’s business. The upgraded service includes coverage of all types of flooding, including flash flooding, river flooding, surface water, urban flooding and coastal storm surge and incorporates improved alert formats which provide all the information that operations managers need to guide their planning.
So far 2018 has seen no major flood events though, with the hot weather, there have been periods of thunderstorms accompanied by very heavy rainfall. Most notably the storms at the end of May led to significant flooding in Birmingham and London. EuroTempest estimates that, across the UK insurance market, there were 2,500 to 3,000 flood claims resulting from those storms, making it one of the most significant flood events for the industry in the last four years.
The EuroTempest specialist flood team monitors conditions across the UK 24 hours a day, 365 days a year. Gathering real-time data on ground state and river levels the team uses this, in combination with its own proprietary models and forecasts from selected numerical weather prediction models, to predict the flood impact on insurance companies, in terms of estimated numbers of damaged properties. The service is already being trialled by some of the UK’s leading insurers.
The Flood Alert Service brings new opportunities for the insurance industry to improve its management of flood incidents and to help customers. With the advanced notice of timing and location that these alerts provide insurers can confidently deploy resources on the ground earlier, improve management of their supply chains and keep ‘at risk’ customers informed so they can reduce their potential losses. Subscribers to the service receive a range of alerts and bulletins which keep them regularly informed about developing conditions that are relevant to their business.
For more information contact our flood team on 020 3696 4793 or by email at enquiries@eurotempest.com.