UK flood forecasting technology company Previsico has entered into a strategic partnership with Mitigrate, a Norway-based climate insurtech specialising in property risk analysis and preventative measures.
The agreement is designed to give insurers and risk managers access to complementary technologies that could improve their ability to assess flood exposure, identify at-risk buildings and reduce the financial impact of flooding.
The collaboration will integrate Previsico’s real-time, hyperlocal flood prediction technology with Mitigrate’s building-specific vulnerability assessments and loss prevention recommendations. According to the companies, the combined offering will allow insurers to assess the timing and location of potential flood events alongside the likely consequences for individual properties, helping them determine where protective action may be most effective.
Previsico and Mitigrate intend to introduce the joint offering to insurance markets in the UK, the Nordic region and other parts of Europe. The companies said their approach is intended to support insurers seeking to place greater emphasis on anticipating and managing flood-related losses before they occur.
Previsico specialises in producing location-specific flood predictions and issuing advance warnings to insurers, commercial organisations and policyholders. Its forecasting technology is designed to provide information that can inform preparations ahead of potential flooding.
Mitigrate’s technology focuses on assessing the exposure and vulnerability of individual buildings, drawing on intelligence covering more than 50 million properties throughout Europe. The Norwegian company uses this information to identify buildings facing elevated flood risks and propose appropriate protection measures, together with estimated costs.
By combining these services, the companies aim to connect early warning information with practical recommendations for reducing damage at properties identified as particularly vulnerable.
Victor Nekhay, Insurance Lead at Previsico, commented: “Our clients use Previsico to know where and when flooding will hit. Mitigrate gives them the next step, highlighting the properties to protect and which measures will reduce the loss. Working together means insurers can move from warning to action.”
Laurent Feuilleaubois, CEO of Mitigrate, added: “A forecast tells insurers the water is coming. Mitigrate shows which properties to protect, which flood resilience measures will cut losses most, and, with short notice, what emergency measures to implement as a last resort. With Previsico, insurers can act on both and keep flood risk insurable.”
According to Previsico and Mitigrate, the partnership has potential applications across several insurance functions, including underwriting, risk engineering and claims operations.
For underwriting teams, the companies expect the combination of flood predictions and property-specific vulnerability information to provide additional evidence when evaluating exposure and determining where investment in preventative measures may offer the greatest value.
Within risk engineering, the integrated data is intended to help insurers select properties for detailed assessments and direct flood protection advice towards buildings where the likelihood of an event and the potential severity of damage indicate greater exposure.
The companies also see opportunities within claims operations, where advance warnings could inform immediate protective action before flooding occurs. Following an event, Mitigrate’s property-level assessments could help insurers identify improvements to incorporate into repairs and reconstruction, potentially reducing the risk of repeated damage.
Previsico and Mitigrate said the partnership is intended to provide insurers with a clearer basis for deciding which properties require attention, what interventions may be appropriate and how available resources could be allocated.
