Aon partners with AbsoluteClimo to advance climate modelling
Global re/insurance broker Aon has partnered with Asia Pacific climate data and analytics provider AbsoluteClimo to advance its climate modelling for climate-based perils.
The broker anticipates that this partnership will empower regional organisations to make better decisions amidst increasing volatility due to climate-related risks.
The collaboration aims to analyse the effects of climate change and variability on climate-based peril activity, helping to evolve our risk understanding and drive exposure mitigation to inform better decisions.
Data provided by AbsoluteClimo’s proprietary global climate physics and catastrophe machine learning models, GoTCHA and ClimoCats, will help to inform the view of Aon’s catastrophe modelling teams, allowing climate change considerations to be incorporated into modelled results for clients.
Peter Cheesman, head of APAC Analytics for Aon’s Reinsurance Solutions, 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 added: “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.”
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