Cytora & GeoSmart Information collaboration to help insurers stem flood risk

Published on August 20, 2024

Cytora, the digital risk processing platform has partnered with GeoSmart Information, the environmental data specialist, in a move that it set to help insurers stem flood risk.

CytoraFrom what we understand, the integration of GeoSmart Information’s data into Cytora’s digital risk processing platform will allow insurers to gain access to almost complete flood and climate risk data.

As a result, this will enable more comprehensive risk evaluation and decision-making.

For those who are not aware, GeoSmart Information specialises in developing and publishing flood risk maps and data, characterising flood risk down to an individual property level.

It’s no secret that flooding is a major risk factor, and increases heavily in risk due to climate change and the greater number of storms impacting homes and businesses. Therefore, such information on flood risk is very useful for underwriters working within property insurance, as it can help inform insurers with risk selection, claims certification, and pricing flood risk premiums.

“At Cytora, we are committed to empowering insurers with the most advanced tools for assessing and managing risks. Our partnership with GeoSmart Information and the integration of their data into our platform is a testament to this commitment. At a time when there is heightened uncertainty as a result of climate change, it equips insurers with a powerful resource for understanding and mitigating flood and other environmental-related risks, ultimately helping them provide superior insurance solutions,” commented Juan de Castro, COO at Cytora.
‍
“With flooding the biggest natural peril we face in the UK, and risks doubling this generation, it is vital that insurers access more complete flood risk data to inform pricing and underwriting and risk mitigation decisions,” said Mark Fermor, Director at GeoSmart Information.
Adding: “We are delighted to be working with Cytora to make our more complete property-level FloodSmart Analytics data accessible through their leading-edge platform for the insurance industry, helping to ensure an enhanced and faster decision-making process for Cytora’s customers when it comes to managing such risks effectively.”

The post Cytora & GeoSmart Information collaboration to help insurers stem flood risk appeared first on ReinsuranceNe.ws.

Continue reading on website
Other news

Chaucer hires Baker as Class Underwriter within political violence & crisis management team

August 20, 2024
Chaucer, the global specialty re/insurance firm has appointed industry veteran Alex Baker as Class Underwriter within its political violence and crisis management team.Baker brings a deep degree of expertise towards his new role, having previously worked at AXA XL (Catlin) for thirteen years where he specialised in underwriting Terrorism and Political Violence risks.In his new role, Baker is expec

SEADRIF bolsters team with two senior appointments

August 20, 2024
The Southeast Asia Disaster Risk Facility (SEADRIF) Insurance Company has appointed Heddy Pritasa as a Board Member, while Dr. Yoshihiro Kawai, with the Council of Members’ endorsement, will assume the new role of SEADRIF Initiative Director in August 2024.Pritasa is an industry veteran with over three decades of experience in Indonesia and the ASEAN region.Most recently, he served as the Technica