Fathom & Reask join forces to bring new cat risk models to market
UK flood risk modelling firm Fathom has partnered with Reask, a climate risk analytics firm that specialises in atmospheric hazard models, to bring new hazard data maps and catastrophe risk models to market, covering the combined perils of flood and wind.
The new strategic partnership aims to provide insurers, banks and ESG-focused investors with an advanced view of risk data on the combined impact of flood and wind events such as hurricanes, tropical cyclones and typhoons.
The collaboration will initially enable each firm to re-sell the other’s products and services to new and existing clients, and from 2023 create combined wind and flood risk models.
Andrew Smith, COO and co-founder of Fathom, said: “Both organisations are led by scientists, who are committed to being transparent and open about the data, methodologies and machine learning techniques that sit at the heart of our models. This shared ‘glass box’ approach means that risk professionals can understand the work our academics put in, and customers know they can trust our models.”
Thomas Loridan (pictured), CEO at Reask, added: “Cyclones bring heavy rains which cause floods. High winds cause tidal surges and large waves which increase coastal flooding - understanding the combined risk of wind and flood events will only get more important as we feel the impact of climate change. Fathom is a world leader in flood risk research and modelling, and we are proud to work with them to provide a new climate risk model that will benefit the insurance world and beyond.”
Marek Shafer, managing director at Vave - part of Canopius Group, commented: “Vave has strong ties with Reask and Fathom. Both organisations share our commitment to scientific rigour and the championing of novel technology to underwrite complex risk. Best in class data is a critical element of our algorithmic underwriting platform and we’re looking forward to seeing the innovation this partnership will deliver.”
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