With cyclonic occasions turning into extra frequent within the subcontinent, a Pune-based firm has developed a software program that may permit insurance coverage firms to evaluate the danger of properties within the occasion of a pure calamity earlier than issuing a coverage.
The software program – TROPCYC – has been developed by Unity Geospatial over a interval of three years. Developers Shrikant Gable, Mahesh Pathak and Srinivas Kulkarni used historic knowledge and GIS (Geographic Information System) expertise to carry out threat evaluation, which will help insurers decide the Maximum Potential Loss (MPL) of a specific sector. is.
“Given the nation’s intensive shoreline, tropical cyclones will not be new right here. The nation experiences two to a few tropical cyclones yearly, inflicting enormous harm to property and livelihoods. Insurers estimate the loss on account of pay round Rs 1,000 crore for Amphan (2020), and Rs 2,000 crore for Fani (2019),” stated Gable, including that the software program has historic knowledge for the final 120 years. makes use of to develop prediction fashions for future cyclones.
“GIS technology was initially used for land data, but now its use has increased in risk assessment software. Using mathematical models, the vast database of GIS can be analyzed and the results can be used to classify regions into regions,” stated Pathak.
The builders stated the GIS expertise will help insurers to trace cyclones in actual time and calculate the damages attributable to them.
Kulkarni stated that until now, insurance coverage firms didn’t have entry to a sturdy software program mannequin that would permit them to foretell cyclones and write insurance policies accordingly.
“Based on the danger concerned, the software program categorizes the areas into no hazard/low/medium/excessive/wind/flash flood and storm surge zones. Insurance firms can use this grading system whereas calculating MPL.
– Stay up to date with the newest information from Pune. Follow Express Pune twitter right here and on fb right here. You also can join with our Express Pune telegram channel right here.
Apart from insurance coverage firms, the software program may also be a useful gizmo for architects, civil engineers and city planners throughout the development and planning phases, the builders stated.
He stated the software program also can assist in suggesting modifications or modifications to the prevailing properties to allow them to cut back the damages attributable to the cyclone.
The software program is now dwell and is being hosted on Amazon Cloud.
.
With inputs from TheIndianEXPRESS
