Europe has seen a significant rise in flood risk over the last fifty years, driven by a mixture of climate change and increasing urbanisation. Major flood events in Central Europe in 2002 and 2013 have also helped highlight the urgent need to leverage advanced technology and comprehensive data in order to address this growing risk

The challenge of increasing flood risk

There is no doubt that the frequency and severity of flooding are on the rise due to climate change, with altered weather patterns leading to more intense and frequent storms and increased flooding. Urbanisation is also exacerbating the issue, creating more impermeable surfaces that reduce the land's natural ability to absorb water and increasing runoff into rivers and streams.

Research by insurance giant Swiss Re clearly highlights the role of natural variability in flood risk, and the reality that the changing climate has already significantly altered the landscape of flood risk in Europe. The increasing unpredictability of weather patterns and the growing intensity of storm events also means that new approaches to risk management are needed.

The role of insurance in managing climate risk

The insurance industry has a crucial role to play in managing and mitigating the impacts of climate change. Insurers are not just responsible for compensating losses but can also champion the promotion of resilience through the provision of better risk assessment and management strategies. As specialist adviser Herbert Smith Freehills says, key to providing effective climate risk management is an understanding of both 'physical risks' (like floods) and 'transition risks'.

Insurers have an opportunity to adopt proactive measures to enable them to assess and mitigate flood risk and ensure that both the industry and its clients are better prepared for climate-related events. This includes using advanced technologies and comprehensive data to accurately evaluate risks and implement effective management strategies.

Addresscloud and JBA Risk Management’s partnership

By integrating our award-winning advanced geocoding platform with the best-in-class comprehensive flood risk data from flood scientists JBA Risk Management, Addresscloud is now able to provide the insurance market with what it needs - precise, actionable insights into flood risk at a granular level.

Our platform now enables users to identify flood risk at the building level with total accuracy. The integration of JBA's data enables flood scores for over 280 million properties across Europe to be accessed in milliseconds, with precision down to 5 meters. This detailed approach equips our customers with the information they need to make really informed decisions about flood risk.

The integration of JBA's data marks a really significant step forward in managing flood risk. Insurers now have access to timely, accurate insights that enable comprehensive risk assessment and proactive measures to protect their interests. This data-driven approach enhances decision-making and resilience against flood-related losses.

The threat from flood will continue to evolve, which is why Addresscloud is committed to driving ongoing innovation to provide actionable insights, and to play its part in helping to build a more resilient future for all.

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