Aon and Asia Pac climate data and analytics firm in collaboration
Aon has formed a multi-year collaboration with Asia-Pacific climate data and analytics provider AbsoluteClimo. Aon said the aim was to help advance climate modelling and inform better decisions as organisations navigate emerging volatility from climate-based perils.
The collaboration will analyse the effects of climate change and variability on climate-based peril activity. 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, said the broker.
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.”
According to Aon, AbsoluteClimo’s models can provide climate forecasts months and years into the future, which the broker can draw upon when necessary to assist (re)insurer clients to develop forward-thinking underwriting and pricing strategies.
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.”
AbsoluteClimo was founded in 2016 and is a Hawaii-headquartered climate forecasting and risk management company.
