ICMIF member Co-operators (Canada) has provided an investment for the first round of funding for Geosapiens, a Canadian company specialising in flood risk modelling and analysis. This investment will allow Geosapiens to deploy its flood mapping model across Canada by the end of 2022. With comprehensive coverage of the country, Geosapiens will adequately meet the needs of its customers in the insurance industry, which plays a vital role in sharing risk with the public and government authorities.
“We are pleased to have Geosapiens join our growing roster of leading-edge strategic partnerships,” says Clément Brunet, VP of P&C Business Intelligence at Co-operators. “As climate-related risks increase in frequency and severity, it’s crucial that we focus on building more climate-resilient communities. Our investment in Geosapiens will create collaborative opportunities to better prepare and inform Canadians of flood dangers and mitigate extreme flood events for those most at risk.”
“This strategic investment from such an important player in the Canadian insurance industry represents an important milestone for Geosapiens. It will enable us to accelerate the deployment of the most accurate flood model in Canada, helping our clients to better prepare for risks thanks to accurate and reliable information,” said Hachem Agili, CEO and co-founder of Geosapiens.
Geosapiens markets web-based products and services that provide dynamic and predictive flood mapping and an assessment of flood impacts on property and people. Geosapiens’ products also include financial modelling of flood risk at the building level.
Geosapiens will continue its progress for the benefit of the insurance industry, land managers, emergency services, and real estate professionals. Its ultimate goal is to increase society’s resilience to risk, particularly in the context of climate change. To achieve its vision, Geosapiens relies on a team of experts with many years of experience in risk modelling and a network of private and academic partners, notably the Institut national de la recherche scientifique (INRS).
At the forthcoming ICMIF Meeting of Reinsurance Officials (MORO) in Germany (16-18 May 2022), weather-related agenda topics will include climate change resilience; extreme weather events and public-private partnerships; lessons learned form the 2021 German floods; and the of technology to measure and mitigate natural catastrophe perils. Find more information on the MORO and details of how to register here.