A Climate Startup Aims to Narrow the Flood-Protection Gap With Data
Floodbase says it will offer near-real-time information on flooding to insurers and other clients by the start of next hurricane season.
Floodwaters after heavy rain moved through Windsor, California, on Jan. 9.
Photographer: Justin Sullivan/Getty Images
Flooding is the most common weather hazard globally and 83% of the damage it causes isn’t covered by insurance. A startup technology company on Thursday launched a new global flood-risk data service that its founders say will help narrow this “protection gap” — and quickly. Floodbase says its near-real-time flood monitoring can help insurers underwrite policies in time for the start of the 2023 Atlantic hurricane season, which begins June 1.
The company, which was founded in 2016 and operated under the name Cloud to Street until rebranding on Thursday, combines satellite imagery, water gauge data, machine learning and other sources in a tool that tracks water levels before, during and after floods. The data provide an empirical foundation for insurance policies that automatically pay out when policyholders experience flooding beyond a defined level.