UK-based professional services firm Aon has formed a multi-year collaboration with AbsoluteClimo, a climate data and analytics provider with a focus on the Asia Pacific.
The partnership is aimed at advancing climate modelling and providing insights to help entities deal with climate risks.
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Aon said the collaboration expands its portfolio of analytical and academic initiatives and intends to examine how climate change and variability affect climate-based risk activity.
Data from AbsoluteClimo’s in-house global climate physics and catastrophe machine learning models, GoTCHA and ClimoCats, can aid Aon’s catastrophe modelling teams and facilitate the incorporation of climate change factors into predicted findings for customers, the company said.
When required, Aon can use the climate projections produced by AbsoluteClimo’s models to help its re/insurer clients come up with new underwriting and pricing schemes.
The climate models at AbsoluteClimo are said to be capable of forecasting conditions for months or even years in the future.
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By GlobalDataAon APAC analytics head Peter Cheesman said: “Our proof of concept collaboration with AbsoluteClimo is enabling us to test how climate risk is evaluated.
“We are working on modelling enhancements for our clients and anticipate this collaboration will continue to provide comprehensive analyses and forecasts of significant and costly perils in the Asia Pacific region.”
AbsoluteClimo CEO and climatologist Brendan Lane Larson said: “By working with Aon, we are excited to be able to bring our cutting-edge technology to the benefit of the insurance industry.
“Through this collaboration, we anticipate further innovation in our capabilities as we help each other progress our own understanding of risk through advanced data and analytics.”
Last month, Aon launched a pricing platform for insurance companies to offer them enhanced risk selection and analytics.
