FutureProof Technologies Inc. has signed an agreement with ARA to license hurricane hazard and vulnerability data sets which form the basis for HurLoss®, ARA’s state-of-the-art hurricane model.
FutureProof is an Insurtech startup targeting solutions to climate change by developing innovative AI-driven proprietary models to underwrite risk. ARA is a globally recognized research and engineering firm dedicated to safety and security solutions.
“We are adding the ARA perspective on hurricane hazard and vulnerability to our suite of modeling tools to enhance our view of the risk and assist us in building the new technologies that insurers need to manage climate and weather-related financial risk,” said Michael DSouza, director of CAT and Portfolio Management of Futureproof, a Managing General Agent (MGA). “We look forward to working closely with ARA’s engineering & climate teams to create an even more robust product that has been needed in the market for some time.”
“ARA is tremendously excited to be partnering with such an innovative company as FutureProof. We are dedicated to helping our clients access and use our intellectual property in creative and meaningful ways. By licensing our HurLoss model’s data sets, FutureProof will be able to build the tools to achieve their vision for insurance, climate adaptation and resilience.”George Freimarck, business leader for Catastrophe Modeling at ARA.
ARA’s HurLoss™ U.S. Hurricane model allows re/insurers, ILS managers, and brokers to make superior underwriting and portfolio management decisions. ARA’s hurricane model has been extensively published and peer reviewed. It has been the basis for structural design in hurricane-prone states since 1998 (ASCE 7) and accepted for use in Florida since 2000 (FCHLPM, FLOIR, FLDCA).
FutureProof’s AI-powered projections of asset-level losses from hurricane wind and flood will power a new generation of algorithmic insurance underwriting. FutureProof will use its climate-smart insurance products to help close the coverage gap and motivate investment in climate adaptation. For more information, visit www.futureproof tech.io.