Insurance and Reinsurance
Offering unique insights into flood risk, other perils or exposure data
Ambiental has an established reputation for being a global specialist in flood risk assessment and risk management.
At Ambiental, our focus is on helping our customers in the (re)insurance industry optimise their pricing strategies, avoid the highest risks, improve loss ratios and reduce claims volumes. We do this by supplying some of the most up-to-date, comprehensive and robust perils data, risk management and underwriting tools on the market.
In a post Covid-19 world, we also recognise our customers’ needs for high precision and accuracy modelling without having to visit remote site locations and in a manner which can be accessed and used easily by staff working from home as well as from the office.
Given that there is no vaccine for climate change, we also help customers such as Zurich, Hastings, QBE and FloodRE to better understand the future impact of changing rainfall patterns on flood risk so as to assist, for example, with TCFD disclosures and to align with the latest PRA guidelines and stress tests.
Climate change is a far-reaching risk and the effects are being felt now. As such, there is increasing pressure on financial institutions including (re) insurers which means that now is the time to assess impacts to the asset and liability sides of insurers’ balance sheets.
Going into specifics, our flood maps and flood risk modelling tools are used by insurers, reinsurers, brokers and actuaries in the UK and internationally to visualise, assess and understand potential flood risk. Our FloodScore data is used for managing portfolio level risk and to implement flood underwriting strategies. We generate flood maps, scenario models, APIs and databases to enable insurers to price flood risk in countries around the world. Our precision tools contain the highest quality topographical data and ground surface information as well as localised hydrological inputs to maximise the reliability of the predictions. Further, Ambiental has also grown its data offering beyond flood in recent years and is now able to offer unique insights into other risks, natural perils and associated exposure data.
Our FloodFutures® data product is helping those within financial services to understand the complex risks from flooding posed by different future time epochs and under different climate emissions scenarios. In 2019 the Bank of England through the Prudential Regulation Authority (PRA) acknowledged the importance of climate change and the need for the insurance sector to prepare for forecasted impacts to the economic, physical and human environment. Ambiental was part of the working group of leading model vendors which supported the development of the Bank’s report: A framework for assessing financial impacts of physical climate change – a practitioner’s aide for the General Insurance Sector.
We are proud to be supporters of the Task Force on Climate-related Financial Disclosures (TCFD) in which capacity we assist other supporting organisations, many of whom come from the insurance and reinsurance sector, to consider how climate change will impact their businesses, in order that they can take action against climate change and provide evidence in their financial disclosures.
According to Mark Carney, former Governor of the Bank of England,”…current supporters of the TCFD are responsible for assets totalling $120 trillion and include the world’s globally systemic banks, top 10 global asset managers, leading pension funds and insurers.” (Source: Mark Carney speech on climate change)
Following the launch of the report we gathered representatives of the insurance industry together at Lloyd’s of London for a briefing to discuss the framework set out in the report.
We count many of the world’s leading insurers and reinsurers amongst our customers, many of whom tell us they place a high importance on the accuracy of our data and appreciate our commitment to tailoring products to our customers’ needs which minimises the need for interpretation and removes ambiguity. We seek to continuously find ways to bring further value to our customers in the insurance sector.
Visualise, assess and understand potential flood risk. Using our proprietary software, high-quality topographical data and ground surface information, we generate flood maps or flood risk datasets for countries around the world.
FloodScore provides property-level flood risk scores and
information. FloodScore is designed to provide quick, accurate and cost
effective screening of the flood risks to individual properties
or to entire property portfolios.
Our predictive flood model considers nine possible future climate change scenarios across the UK between 2020
and 2080. It helps utility
companies understand and
plan for long-term flood risk.