Digital risk processing platform Cytora has partnered with Mitiga, a provider of science-based climate risk intelligence.
The partnership will mean insurers have access to EarthScan’s asset-level climate risk intelligence data through Cytora’s platform at a time when the threat of climate change is a key concern for businesses and new regulations mandate insurance players and their clients to disclose their exposure to climate risk.
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EarthScan is Mitiga’s on-demand climate risk analysis platform. It leverages data modelling, machine learning and state-of-the-art climate science to help companies analyse, report and act on their exposure to risks such as flooding, drought and extreme temperatures, across different climate scenarios and decades-long timeframes.
In addition, by using EarthScan’s integration with Cytora, underwriters will immediately gain insight into the climate risk exposure of both individual assets and large portfolios consisting of hundreds of thousands of assets. They will be able to account for new climate trends and the increasing frequency of extreme weather events to analyse the sustainability of their portfolio.
Juan de Castro, COO at Cytora, said: “With the impact of climate change more apparent year on year, it is increasingly difficult for insurers to accurately determine the level of climate risk a business has. Through partnerships like this one we are delivering on our commitment to make sure insurers have access to the most cutting-edge data and insights available to make faster and more accurate risk evaluations and decision-making.”
Alejandro Marti, co-founder and CEO at Mitiga Solutions, added: “This partnership is the latest step in our mission to make the world a more resilient place under a changing climate. We are excited to work with Cytora so that the state-of-the art in climate science and data modelling is available to insurers through Cytora, meaning smarter, more informed decisions on climate risk without the need to be a climate scientist.”
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