The partnership aims to address climate risk challenges by offering insurers advanced tools. Credit: MT.PHOTOSTOCK/Shutterstock.

Munich Re’s Risk Management Partners and CGI have struck a partnership to enhance insurers’ abilities to manage climate-related risks.  

This collaboration will integrate Munich Re’s Location Risk Intelligence Platform with CGI’s climate risk mitigation services, providing insurers with decision support data to refine their risk management strategies. 

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According to CGI, which provides IT and business consulting services, insurers are increasingly challenged by rising claims due to climate change, necessitating robust risk management solutions.  

The alliance between Munich Re and CGI aims to address these challenges by offering insurers advanced tools to adapt pricing to actual claims experience, identify risk concentrations, and implement climate impact models and measurements. 

It is expected to enable insurers to make informed decisions regarding natural hazards and climate change, with CGI overseeing the deployment of Munich Re’s Location Risk Intelligence solution.  

Munich Re head of Risk Management Partners Christof Reinert said:  

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“Climate change and the need to drive forward sustainability actions will continue to grow in importance, and insurers are looking for proven expertise and innovative solutions to respond to these trends. Our combined offering will deliver the comprehensive climate risk mitigation capabilities insurers need.” 

CGI senior vice-president consulting services Benoit Leboucher said: “CGI has developed a broad range of offerings focused on monitoring and helping insurers anticipate and address the impacts of climate change, from assessing risks and damage from natural events to implementing practical strategies that turn potential risks into strategic advantage. 

“This collaboration will contribute to a more sustainable, resilient and profitable insurance industry, notably as we help insurers manage, measure and create visibility on the outcomes of their initiatives.” 

Earlier in May, Munich Re’s Risk Management Partners formed a similar partnership with MAPTYCS, a property and climate risk exposure management company.  

MAPTYCS’ geospatial analytics, combined with Munich Re’s multi-peril risk scoring, aims to further empower insurers to refine their property and climate risk management strategies.