Aon has partnered with forecasting and risk management company AbsoluteClimo to advance its climate modelling, as organisations navigate emerging volatility from climate-based perils.
As part of the mandate, Aon will look to grow its suite of initiatives to research the latest climate science and increase risk understanding to drive exposure mitigation.
Data provided by AbsoluteClimo’s proprietary global climate physics and catastrophe machine learning models, GoTCHA and ClimoCats, will inform 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, says: “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 that this collaboration will continue to provide comprehensive analysis and forecasts of significant and costly perils in the APAC region.”
AbsoluteClimo CEO and climatologist Brendan Lane Larson adds: “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.”
