17 January 2025 – London, UK – Previsico, the flood forecasting specialists, have partnered with Descartes, a world leader in corporate parametric insurance solutions for climate and emerging risks, to offer businesses in UK and Ireland accurate flood warnings and lightning-fast claims payments when Previsico’s IoT flood sensors trigger coverage under policies from Descartes.
The number of people in the UK significantly at risk of flooding is projected to increase 61% by 2050 under a 2°C warming scenario, and by 118% at 4°C. This has already affected insurers’ risk appetite, making affordable flood insurance increasingly challenging to acquire.
Previsico provides world-leading flood forecasting and sensor technologies within its Flood Intel Platform, which helps organisations manage their flood risk. Through these, 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 provides efficient, highly responsive parametric insurance coverage for major corporate clients. With a capacity to underwrite $70 million per policy, unrestricted coverage for any tangible and intangible losses, and claims payments within just days of a flood event, Descartes delivers superior, risk-based coverage and A+ rated financial security.
Steven Hayward, IoT Systems Manager at Previsico, said: “Today, a third of commercial properties in the UK are at risk from flooding and it is estimated that 40% of small and medium-sized businesses never reopen after they experience losses from a significant flood event.”
“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.”
Alessandro Girelli, Underwriting Director, UK & Ireland, at Descartes, added: “Working with Previsico, we’re able to manage corporate flood risk in a simple, transparent and speedy way. We combine real-time data from Previsico’s sensors and public river gauges to underpin claims payments with a bespoke payout structure increasing with the severity of the flood. The arrangement enables us to support flood risk mitigation, with Previsico’s flood forecasts helping companies take action before floodwaters enter their premises.”
Vania Hernandez Bello, Innovation Project Manager at Descartes, said : “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”
About Previsico
Previsico are experts in real-time flood forecasting, providing early warnings to minimise the impact of flooding by enabling people and organisations to proactively mitigate its effects, worldwide.
Having spun-out of Loughborough University in 2019, our proprietary technology is underpinned by over two decades of published research. It leverages hyperlocal real-time forecasts, live hydrodynamic modelling, and IoT sensor technologies to forecast, monitor, and help prevent flood impacts.
With a unique focus on surface water and fluvial floods, Previsico’s services are used by global corporations, leading insurers, such as Zurich, Liberty and Generali, and government agencies to manage flood risk globally.
For more information about Previsico, its products and services, or to arrange a demo, contact Jonathan Jackson, CEO: jonathan.jackson@previsico.com
For more information: www.previsico.com
About Descartes
Descartes is a global corporate insurer that collaborates with brokers to protect their corporate and public sector clients against climate, cyber and other emerging risks. At the forefront of AI and Data analysis, Descartes utilizes cutting-edge technology combined with a new generation of data sources, to model, assess and manage risks.
Offering a full range of insurance products, including cost-effective and fully transparent parametric solutions with predefined and swift claims payouts, Descartes has already provided over $10 billion capacity to its clients through corporate brokers.
With a global footprint and strong U.S. presence, Descartes serves a diverse portfolio of clients in more than 60 countries, with 18 offices spread across Europe, Asia-Pacific, Latin & North America.
The Descartes group comprises Descartes Insurance, a full-stack insurer operating in several European countries, and Descartes Underwriting, a global MGA backed by a panel of tier-one risk carriers. The company has been financed with over $141M by investors including Highland Europe, BlackFin, Serena, Cathay and Eurazeo.
