Geospatial Insight has released FloodCast, which is a flood prediction and analysis service available through an API. The software provides early warning and automated triggers in near-real time to enable users to enact mitigation measures. Its modelling capabilities generate damage predictions for both evolving events and scenario testing.

Paul Fearn, CEO at Geospatial Insight, said: “Geospatial Insight is committed to delivering actionable climate intelligence for insurers, governments and risk managers. This new API provides a reliable and efficient way to enhance risk modelling, reduce claims volumes, reduce claims processing costs, and strengthen flood resilience."

Figures from the Association of British Insurers show that last year, carriers paid out a record £585m for weather-related damage to people’s homes and possessions. The professional body said storm damage claims (high winds and debris) totalled £133m and subsequent flooding added £286m, representing half of all weather-related claims.