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Science and Technology Park (STP) pilot project to set insurance cover for natural calamities

Wednesday, 9 July 2014 - 5:44am IST | Place: Pune | Agency: dna

For the first time, state of the art technology would be put to use for modeling the flood peril and using it for optimum utilisation for insurance related decisions by leading insurance companies in the country.
Taking a cue from Uttarakhand floods last year, maps for catastrophic and man-made disasters would be prepared by using geographical information system which would identify the locations vulnerable to various calamities. The GIC Re, the apex insurance company dealing with non-life insurance has approached Pune-based Science and Technology Park (STP) at University of Pune campus in this regard. The STP Pune has undertaken this pilot project for mapping flood peril in Valsad region of Gujarat, which is prone to floods and has number of industries located in the area.

Dr Rajendra Jagdale, the director-general and CEO of STP informed dna that the pilot project had started a few days back. Some 27 insurance companies were attended a seminar last week, in which STP has presented benefits of this pilot project. Project director with STP Ram Iyer said that the pilot would be completed in next six months and this project would be done for an area of 2 square kilometer.Iyer told that 15 professionals would be studying the areas in Valsad and the team would include PhDs, Masters in various faculties including disaster management including flood related experts, dam break analysis experts, project management experts, esteemed professors from geology and related aspects would also be part of this team and would contribute as and when required. Mapping of location vulnerable to various hazards based on geo-codes using GIS applications would be done and the premium of the insurance companies would have a meaning with reference to particular hazard prevalent in the area of operation of the client.

Premium study

STP is in the process of developing insurance integrated GIS, MIS application or INIGMA which would be a simple android based handled application. It could be used for data input for assets management. It would also help the end-user to increase percentage premium on flood or flood peril could have better insurance cover as a result of this study and application

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