Fremtind, a leading Norwegian property and casualty insurer, and 7Analytics agreed a multi-year cooperation on flood risk data for underwriting, product pricing and client prevention advice, 7Analytics said on 11 September 2024.
The company framed the deal against flood claims that have tripled in Norway over the past decade despite the country's climate-resilience ranking. Near-universal Norwegian flood insurance coverage and a long claims history are cited as advantages for merging actuarial and geospatial data. The agreement extends a prior data partnership "far into the future," in the company's wording.
Pål Sætershagen, head of property insurance at Fremtind, said: "With an increasing number of extreme precipitation events and other harmful weather incidents, it makes a fundamental difference to us to understand and price our offering more accurately and – not the least – suggest preventive measures to our clients. The collaboration with 7Analytics makes us market leading on physical climate risk." Claims-trend figures are company framing and have not been independently verified by AI-360.