Insurance partnership to tackle accelerating flood claims

Leading P&C insurer, Fremtind, and 7Analytics announce long-term cooperation around unique flood risk data which extends a successful data partnership far into the future.

Wave of flood claims

Over the past decade, flood claims have tripled in Norway, even though the Nordic country has been named the most climate resilient of all.

Data leap makes market leading

This has posed a combined sustainability and profitability urgency that the carrier wanted to address with a heavily improved dataset for underwriting and product pricing:

“With and increasing number of extreme precipitation events and other harmful weather incidents, it makes a fundamental difference to us to understand and price our offering more accurately and – not the least – suggest preventive measures to our clients. The collaboration with 7Analytics makes us market leading on physical climate risk“, says Pål Sætershagen, Head of Property Insurance, Fremtind.

Unique data lake for model training

With near universal flood insurance coverage and a long claims history, the partnership is fueled by an outstanding Norwegian data repository that has made it possible to merge actuarial and geospatial data with unprecedented accuracy.

This data quality has catalyzed strategic pricing decisions and will guide the P&C carrier through a climate-risky future.

Links

• Press release | Fremtind and 7Analytics sign long term partnership agreement 
• P&C insurer | Fremtind Forsikring
• List of most climate-resilient countries | Countries that will survive climate change | The Independent