The team behind digital risk processing platform Cytora has partnered with international weather information and data management provider Pelmorex Corp on a climate and weather predictive modelling tool for commercial property insurance underwriters.
The partnership aims to help insurers to make faster and more accurate assessments of risk that take into account changing weather patterns due to climate change.
Juan de Castro, COO at Cytora, said: "Commercial property insurance is becoming increasingly complex and difficult due to the rise of extreme weather driven by climate change. To combat this we need to arm insurers with more granular, accurate and real-time data to help them make the right decisions.”
Mark Gibbas, managing director of Enterprise Weather Solutions at Pelmorex, added: “Pelmorex is excited to be partnering with Cytora to bring our climate risk intelligence data to the Cytora platform. While climate change has been progressing for the past several decades, over the most recent 10 years there has been significant increase in the frequency of high impact weather events caused by climate change and as a result, insurers need more accurate and up to date weather and climate risk intelligence to properly balance their insurance products.”
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