Location intelligence technology company gamma has announced that it will expand to the Spanish market with its real estate risk assessment solutions.
The Dublin-based company successfully entered the UK market two years ago and the launch in Spain is part of the company’s plans to expand its operations internationally.
With its Perilfinder platform, Gamma analyzed FloodFutures data for Spain Environmental Risk Analysis to show the provinces most at risk of flooding and to demonstrate the value of their expansion.
Perilfinder enables insurance companies and local authorities to assess property location risk, including flood, fire, subsidence and crime.
“Our goal in Spain, as well as Ireland and the UK, is to use high-quality data to assess and visualize the impact of climate change at the individual property level,” he said Richard CantwellSenior Geospatial Scientist at Gama.
“This in turn helps local authorities, banks and insurance providers make more informed decisions, assess their risk for climate-related disclosure reports and reduce investment and insurance risk.
“Although our analysis shows that projected physical damage varies widely across Spain’s climate regions, the impact will be felt across the country.”
The analysis revealed that Gipuzkoa has the highest risk rating per property, ahead of Bizkaia, Cantabria, Asturias and Pontevedra, A Coruña, Huelva, Tarragona, Girona and Cádiz.
However, provinces along the Mediterranean coast rank highest (€270,000) in terms of expected annual loss from flood risk based on at-risk properties and estimated average damage from flooding.
Barcelona are ahead of Valencia (€13.9m), Seville (€12.5m), Girona (€9.3m) and Murcia (€8.8m) with an expected total loss of €17.5m . Euro).
For the country as a whole, excluding the Canary Islands, Gamma has put the expected annual loss at 178.5 million euros, and Gipuzkia, Asturias and Bizkaia are the hardest hit areas.
“The effects of climate change are being felt around the world and while forest fire damage and drought tend to be more frequent in Spain, flooding also occurs in the winter months and is increasing due to climate change,” Cantwell said.
“In fact, in the second half of 2021 alone, there have been several severe flooding events in Navarra, Cantabria and La Rioja. Terrible floods have also wreaked havoc in Murcia, Tarragona and Madrid in recent months.”
According to the last accounts available, Gamma had a net worth of just over €1 million at the end of last year. Established in 1993, the company has offices in Dublin, Manchester and Bilbao and employs 17 people between management and operations.
After losing nearly €80,000 in 2020, Gamma turned a profit of more than €438,000 in 2021. Compensation of company directors, including the CEO Feargal O’Neill€280,000 in total.
Photo: Feargal O’Neill.