LONDON — With flash flooding of basements posing a threat to lifei; the subsidence insurance bill for 2022 set to be £219mii and the European windstorms of last year costing Euro3.8miii, it has become imperative for insurance providers to make a full, fast and accurate assessment of environmental risk, from quote to claim. LexisNexis® Risk Solutions, the data, advanced analytics and technology provider to the U.K. and Ireland insurance market, today launched a new suite of geospatial intelligence datasets for basements, trees and windstorms to address these weather-related challenges.
LexisNexis® Basements Indicator, Bluesky International Ltd’s National Tree Mapping™ (NTM)iv, and LexisNexis® Windstorm Model add to a wide range of existing data solutions to provide insurance providers with a holistic view of property risk for pricing and underwriting. The solutions help identify customers at most risk from imminent or future basement flooding, as well as tree- and wind-related storm damage and subsidence.
About the three new geospatial data sets from LexisNexis Risk Solutions that can benefit insurance providers:
Flash flooding is becoming a regular occurrence in urban, high-density areas such as London due to the reduced permeability of surfaces (paved drives for example), clay soils and ageing drainage and sewage systemsvii. Indeed, in Summer of 2022, The Mayor of London urged 45,000 residents living in basement homes to take greater measures to protect themselves and their homes in a flood.viii In addition, ‘mega basements’ with high value possessions could pose an additional risk to insurance providersix in flash floods and where long spells of rain cause groundwater floodingx with water seeping into cellars or basements.
Caroline Elliott-Grey, product manager, U.K. and Ireland, for LexisNexis Risk Solutions said: “Property insurance providers need to plan how they will map the long-term impact of climate change on their books of business. They can start now with LexisNexis Basement Indicator, NTM and LexisNexis Windstorm Model together with more than 40 additional data sets, including perils data down to an individual address. We are making it as easy as possible for insurance providers to access this data at point of quote via LexisNexis® Informed Quotes and for more detailed risk visualisation through LexisNexis® Map View – our cloud-based geospatial data visualisation tool.
More data means more granularity and spatial accuracy in the predictions, allowing for more accurate pricing, as well as the crucial ability to better manage risk as events unfold.”Related Climate Risks – Key Facts:
LexisNexis® Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information-based analytics and decision tools for professional and business customers. For more information, please visit LexisNexis Risk Solutions and RELX.
ivProduct sourced from Bluesky International Limited. Data and Imagery are protected by copyright
vIncluding open-source data and public sector information licensed under the Open Government Licence v3.0 and subject to: OS data © Crown copyright and database right ; Royal Mail data © Royal Mail copyright and database right ; and National Statistics data.
viProduct sourced from Bluesky International Limited. Data and Imagery are protected by copyright