Firm will retain branding to develop and distribute flood and local weather threat information
Swiss Re has introduced the acquisition of Fathom, a UK-based firm specializing in water threat intelligence and flood modeling to reinforce the capabilities of the agency’s Reinsurance Options division, significantly in managing flood-related dangers, that are a major contributor to escalating losses from pure catastrophes worldwide.
Swiss Re’s newest information reveals a major safety hole within the reinsurance trade’s protection of financial losses as a consequence of pure catastrophes. In 2023, the trade coated roughly 40% of those losses. Swiss Re estimates that pure catastrophes have resulted in US$100 billion in insured losses this yr, with flood-related occasions accounting for not less than US$12 billion. This determine represents a greater than 30% enhance over the annual common of the previous decade.
Fathom’s experience in superior information modeling and strong instruments contributes to a deeper understanding of flood impacts on numerous entities. By becoming a member of forces with Swiss Re Reinsurance Options, Fathom beneficial properties entry to Swiss Re’s intensive shopper community and experience in pure disaster threat administration.
On account of this acquisition, Fathom will preserve its model id and proceed its established analysis actions, whereas benefiting from Swiss Re’s international presence and experience within the discipline of reinsurance and pure disaster threat administration.
“We’re more than happy to affix forces with Fathom in our quest to slim the safety hole for pure disaster dangers, resembling floods. Fathom’s market-leading analysis and revolutionary instruments on this space create nice synergies with Swiss Re’s threat information and digital capabilities. I’m thrilled to welcome the Fathom crew to the Swiss Re group and sit up for a profitable collaboration,” Swiss Re Reinsurance Options CEO Russell Higginbotham mentioned.
“We’re dedicated to serving to organizations all over the world to research, perceive and reply to flood threat and the altering local weather panorama. Due to the sturdy alignment between our ethos and strategy, I’m excited to see us work along with Swiss Re Reinsurance Options to carry our subtle threat insights to much more clients and assist ship larger international resiliency. This transaction represents an extra key step in serving to us obtain our imaginative and prescient of turning into the gold commonplace within the provision of water threat intelligence,” Fathom CEO Stuart Whitfield mentioned.
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