RenaissanceRe will license the First Street Foundation’s flood maps. Credit: Hans Braxmeier from Pixabay.

Bermuda-based RenaissanceRe has joined forces with research and technology group First Street Foundation to augment data and modelling capabilities on flood risk.

Under the agreement, the reinsurer will license First Street Foundation’s flood maps and utilise its peer-reviewed property-level flood risk data.

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This will enable RenaissanceRe to gauge the impact of climate change on the insurance industry and financial markets.

The firms will also collaborate on various projects across the US to evaluate the effect of the changing climate on flood risk and other perils.

RenaissanceRe EVP & group chief risk officer Ian Branagan said: “We are always looking for ways to augment our holistic view of risk and having more precise property data to better predict financial losses from flooding due to climate change, especially over the long-term, will help us better support our partners in the insurance industry and beyond.”

First Street Foundation founder and executive director Matthew Eby said: “The most effective way to confront the challenges of a changing climate is to ensure communities, governments and businesses understand its impact on the American economy so they can lead efforts to mitigate it.

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“By partnering with an insurance innovator like RenaissanceRe, First Street Foundation is empowering the industry to better understand and evaluate the growing financial risks to properties from climate change.”

Last month, Swiss Re partnered with Milliman, a consulting and actuarial firm, to launch flood insurance products through Milliman Appleseed.

In June this year, Skyward entered into a partnership with reThought to develop proprietary flood risk assessment technology.