How AI and high-resolution data is changing flood risk prediction

There is little data on urban flood risk today, and insurance companies have to cover damages related to extreme rain events. Flooding has caused the most significant damage increase in the last ten years, and heavy rainfall events are predicted to become more frequent.

7Analytics' has developed "InzureFlood" based on a high-resolution terrain model and trained on insurance claims data. The model predicts flood risk with a new level of detail. It constantly learns and improves with each claim, enhancing its flood risk assessments. Insurance companies have an expected 10x return of their InzureFlood investment.

«As we are becoming increasingly aware of the risks related to urban flooding in our portfolio, we have been looking for a partnership helping us enhance our understanding and pricing of such risks. Through various pilots, we have learnt that 7Analytics’ innovative flood risk model nicely supplements our existing risk modelling and deepens our understanding of the risk landscape ahead."

• Tore Tenold, CEO of KLP Skadeforsikring.