Previously catastrophe modelling has been about predicting the future based on historical events. But you cannot predict the future of climate change based on historical events, basically by the nature of climate change. There are going to be multiple different scenarios, as there are multiple different inputs. It’s very difficult to be able to ascertain what the future will hold. When it comes to natural catastrophes and to not include climate change in your analysis could potentially mean a loss of millions for your assets.
Introduction
Is climate risk a part of your analysis?
On the podcast this week we are spotlighting an important collaboration between Mitiga, a climate risk intelligence provider, and insurer HDI Global. As climate change rises to become one of the most pertinent and defining risks of our generation, find out how the partnership is working to evolve the landscape of climate risk management for various industries. One such asset is Mitiga’s platform EarthScan.
Joining Matthew is Wiebke Cundill, Senior Risk Engineer at HDI Global SE and Jonathan Liddell, Customer Success Lead at Mitiga.
Key Talking Points
- How EarthScan can help customers understand the risks posed by climate change.
- The transition from focusing just on natural hazards to climate risk.
- Downscaling data into an asset class.
- Business as usual, Emissions peak in 2040 or Paris-aligned future?
- EarthScan helps HDI move into the future.
- How HDI offers site specific assessment of climate risks – from site to consulting and adoption.
- Importance of trust and collaboration.
- Understanding EarthScan.
Useful Links
Press Release – HDI Global supports clients in meeting their regulatory requirements with tailored service
Contact the EarthScan team to Learn more about their ‘Climate Risk as a Service’ offering
You can listen to our past episode with Dr Verena Brenner from HDI TH!NX here and find out more about HDI’s climate risk reporting services here.
If you like what you’re hearing, please leave us a review on whichever platform you use or contact Matthew Grant on LinkedIn.
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Leave us a message
Want to leave a message for Matthew or the InsTech team? Drop us a voicemail with questions for guests or hosts, ideas for next episodes or just general musings!
This InsTech Podcast Episode is accredited by the Chartered Insurance Institute (CII). By listening, you can claim up to 0.5 hours towards your CPD scheme.
By the end of this podcast, you should be able to meet the following Learning Objectives:
- Specify why granularity of data is important when it comes to understanding and modelling future climate risks
- Explain why insurers cannot simply rely on past data when considering resilience toward climate
- Identify what types of future has Mitiga modelled, what are their differences and why are all three of these scenarios important
Let us know you have listened to this podcast by emailing cpd@instech.co and if your organisation is a member of InsTech you will receive a quarterly summary of the CPD hours you have earned.
To help us measure the impact of the learning, we would be grateful if you would take a minute to complete a quick feedback survey.
