We are seeing in 2024 that catastrophic flood events such as Helene and the earlier flooding event in June striking Iowa, Minnesota, Nebraska and South Dakota are hitting inland areas where major flood events have never happened in the past and where residential flood insurance coverage uptake is sadly typically less than 3%.


Data on historic events is a flawed basis for risk analysis

 

Traditional flood risk prediction models rely heavily on historical weather data.

 

The increase in unpredictable weather patterns adds a new layer of complexity to flood model prediction.

 

Areas that have never experienced flooding before are now at risk, making historical data insufficient for predicting future flood events.

Shifting to a data centric approach

Founded by four geologists with over 100 years of combined experience in complex subsurface fluid systems, 7Analytics is advancing flood risk prediction through models deeply rooted in geoscience, including hydrology, geology, and geomorphology.

 

Core here, is a data centric approach allows for the development of specialized datasets that reveal the complexities of flood vulnerability.

 

By analyzing hundreds of physical parameters for each building, 7Analytics applies natural science insights to identify why a building may or may not be at risk, offering a precise understanding of flood risk on an individual level.

 

We leverage our market-leading terrain mapping capabilities in conjunction with advanced machine learning techniques trained on extensive claims data.

 

This innovative combination allows us to deliver cutting-edge precision in flood risk assessments.

 

By integrating detailed terrain analysis with real-world claims insights, we can enhance the accuracy of our predictions, enabling insurers to better understand and mitigate risks.

 

This holistic approach not only improves risk evaluation but also supports the development of tailored insurance solutions that address the unique challenges faced by property owners in flood-prone areas.

 

Read the full interview in the ProportyCasualty360 magazine here .