Swiss Re integrates data into internal catastrophe model

Swiss Re introduced that the group will now combine Fathom’s flood hazard and terrain knowledge into its inside disaster mannequin, which incorporates the creation of fifty,000-year probabilistic flood occasion units. Leveraging AI-empowered local weather fashions, these datasets goal to seize extra excessive outcomes and take away historic biases, according to the press release.

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New fashions can even embed Fathom’s global terrain dataset, FathomDEM+for improved elevation data that can be utilized for quite a lot of use circumstances together with the planning of linear belongings, mapping pure perils and creating synthetic digital environments.

“Combining Fathom’s flood hazard capabilities with Swiss Re’s disaster modelling and underwriting experience allows us to push flood threat modelling additional,” stated Balz Grollimund, head of disaster perils at Swiss Re, within the press launch.

Swiss Re acquired the provider of global flood risk intelligence in December 2023 and has since used Fathom’s flood fashions inside the Swiss Re Threat Knowledge Options product suite. These flood disaster fashions embody tens of millions of potential flood occasions, enabling monetary loss estimation for each aggregated portfolios and particular person places throughout assessments of residential, business or industrial belongings.

In response to McKinsey International Institute’s report, “Advancing adaptation: Mapping costs from cooling to coastal defenses,” about 4 billion individuals, spanning throughout 40% of Earth’s landmass, are liable to experiencing extreme climate occasions like excessive warmth, wildfires, drought and flood. McKinsey’s report reveals a resiliency hole during which just one billion persons are shielded from these excessive pure disasters by way of adaptation measures, leaving three billion unprotected. Gaps are wider in low-income areas.

“Swiss Re’s use of our knowledge inside its inside disaster mannequin improvement demonstrates how vital peer-reviewed science and validated flood knowledge are to understanding threat at a world scale. We’re proud to be working carefully with Swiss Re to assist communities and economies higher put together for and handle excessive flood occasions,” stated Stuart Whitfield, CEO of Fathom.