A new product that helps organisations forecast floods and calculate their risk exposure has been launched by Weather Logistics.
The Nottingham-based company aims to revolutionise the way that industry views climate risk, helping them to develop their resilience plans accordingly. Its latest prediction shows which towns are most likely to be exposed to extreme weather events this summer.
The announcement comes following a successful collaboration this April, where the company’s hazard model was independently assessed by the National Physical Laboratory (NPL), via Innovate UK’s Analysis for Innovators (A4I) programme.
“It was a pleasure working with data experts from analysis team at NPL.” Says Chris Nankervis, the company founder. “Building awareness to extreme weather hazards is essential as the climate crisis intensifies. Our validated product provides new insights for reinsurance firms, publicly listed corporates, regulators, banks and asset managers.”
The company’s software produces climate model simulations for the next three months and provides advisories about local hazards such as heatwaves and floods.
Flooding accounts for the largest natural hazard losses, and so seasonal predictions of rainfall on a town or city scale would greatly improve a community’s capacity to protect their households, businesses and livelihoods. This technology delivers climate information not currently available about weather events that affect operational planning.
“Climate-related financial disclosures can be all about box-ticking.” Chris commented. “To supplement traditional climate projections, seasonal climate forecasts can also reduce flood-related losses.”
With firms now reporting how extreme weather will impact their operations, Weather Logistics product aims to unravel many challenging questions about climate.