A Pune-based company has created TROPCYC, a software designed to assist insurance companies in assessing property risks during natural disasters before issuing policies, particularly in the face of increasing cyclonic events in the subcontinent. Developed over three years by Unity Geospatial, the software utilizes historic data and Geographic Information System (GIS) technology for risk assessment, enabling insurance companies to determine the Maximum Probable Loss (MPL) for specific areas.
Given the frequent occurrence of tropical cyclones along the extensive shoreline of the country, the software uses historical data from the past 120 years to build a predictive model for future cyclones. Developers Shrikant Gabale, Mahesh Pathak, and Shreenivas Kulkarni highlight the significant losses incurred by insurance companies due to cyclones like Amphan (2020) and Fani (2019). They emphasize that TROPCYC allows insurers to predict and underwrite policies based on the risks associated with cyclones.
GIS technology, traditionally used for land data, now plays a crucial role in risk assessment software. By analyzing the extensive GIS database using mathematical models, the software classifies areas into different risk zones, such as No Hazard, Low, Medium, High, Wind, Flash Flood, and Storm Surge Zones. This grading system aids insurance companies in calculating MPL based on the level of risk.
The developers emphasize that, until now, insurance companies lacked a robust software model for predicting cyclones and adjusting policies accordingly. TROPCYC provides a real-time tracking system for cyclones and aids in calculating losses caused by them. Apart from insurance companies, the software is considered beneficial for architects, civil engineers, and town planners during construction and planning phases. It can also suggest modifications to existing properties to mitigate losses from cyclones.
TROPCYC is currently live and hosted on the Amazon Cloud platform, offering a comprehensive solution for predicting and managing risks associated with cyclones.