Swiss Re has acquired Fathom, a UK-based firm targeted on water-related dangers, for an undisclosed sum.
Based in 2013, Fathom (previously SSBN) provides flood simulations in addition to insights on water threat to insurance coverage firms and different purchasers working in various fields.
Swiss Re mentioned that the deal bolsters its Reinsurance Options division’s product portfolio and enhances its flood hazards knowledge and threat administration capabilities.
Fathom will retain its model and work alongside the reinsurer’s Reinsurance Options division to strengthen its flood and local weather threat info, maps and fashions.
Current knowledge from Swiss Re exhibits that, in 2023, the reinsurance sector paid for round 40% of the financial damages ensuing from pure disasters, highlighting a major international safety hole.
As per estimates by the corporate, this yr pure disasters throughout the globe resulted in insured losses of $100bn, with flood-related incidents accounting for losses price $12bn.
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The reinsurer famous that knowledge modelling and intelligence supply insurance coverage and threat administration specialists improved perception into the influence of floods on people, constructions and enterprises.
Swiss Re Reinsurance Options CEO Russell Higginbotham mentioned: “We’re more than happy to hitch forces with Fathom in our quest to slender the safety hole for pure disaster dangers similar to floods. Fathom’s market-leading analysis and modern instruments on this space create nice synergies with Swiss Re’s threat data and digital capabilities.”
Fathom CEO Stuart Whitfield mentioned: “We’re dedicated to serving to organisations world wide to analyse, perceive and reply to flood threat and the altering local weather panorama.
“This transaction represents an extra key step in serving to us obtain our imaginative and prescient of turning into the gold normal within the provision of water threat intelligence.”
Final month, Swiss Re teamed up with property and casualty insurtech firm Guidewire to construct a “extra interconnected insurance coverage trade” utilizing expertise.
