Willis and Cloud to Street in flood risk tool collab

The Willis Research Network has partnered with Cloud to Street, a global flood-mapping and monitoring platform to develop a tool to manage flood risk.

Cloud to Street delivers high-resolution satellite and machine learning flood monitoring technology to provide near real-time flood monitoring and high-cadence flood mapping to build and implement reliable and scalable risk transfer solutions.

The partnership will work to address the insurance gap in the developing world, where some 90% of economic losses from disasters remain uninsured.

Senior director at Willis Towers Watson, Simon Young said: “We are very pleased to welcome Cloud to Street into the Willis Research Network and look forward to working together through our Climate and Resilience Hub. We will collaborate on researching and developing tools to better understand flood risk and its real-time manifestation around the world. This will enable us to build and implement innovative risk transfer tools to better serve the needs of current and future clients across both public and private sectors, and from individual homeowners and farmers to corporate supply-chains and sovereign governments.”

Bessie Schwarz, CEO and co-founder of Cloud to Street said: “While working with governments and insurers in almost 20 countries, we have seen first-hand the urgent need for innovative disaster financing and new insurance products around flooding. We’re thrilled to partner with Willis Towers Watson to scale Cloud to Street’s flood technology and bring reliable parametric flood insurance to the governments we support and many others. Together, our combined expertise will enable us to offer insurance tools that mitigate the economic impact of flooding for communities throughout Africa and the world.”

This collaboration follows a two-year arrangement between Willis Re and Cloud to Street to expand insurance coverage in Indonesia, with new projects planned for Africa later this year.

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