CLIMATIG: Supports underwriting of assets against climate change physical risks
Insurers, banks, asset managers and decision-makers have to deal with the physical risks of climate. Think of storms, extreme drought, forest fires, rising sea level, heavy rain, flooding rivers, hurricanes and many more geological catastrophes that pose real risk to property and assets.
As such, insurance companies need to assess future climate risks for specific locations, and they must choose between two difficult options. Option one is to undertake the complicated and time-consuming task themselves, but it involves limited access to relevant climate datasets and maps. Option two is to outsource it to a third party, but their one-off report can be rather expensive, especially for large asset portfolios.
However, there is a third option and that is to enlist the help of insurtechs specialised in creating and offering climate risk prediction tools to help insurers more effectively manage their physical climate change risks and ensure compliance with Taxonomy and ESG disclose requirements.
Introducing the CLIMATIG platform, an insurtech that provides insurers with essential Climate Intelligence. Their software is offered as a service (SaaS), easy-to-use, plug-and-play and accessible via web application or API at any time, from any location and from any device. Their API allows for easy integration with existing architecture of major financial institutions.
CLIMATIG gives insurers more concrete insights into their increasing climate risks, so they can better understand how these risks affect their business. CLIMATIG currently offers data on eight distinct climate hazards with plans to expand to two in the near future. As a result, insurers can better assess the financial impact of these climate risks on their business and portfolio and then take appropriate measures to better manage climate risks. Moreover, CLIMATIG can help insurance companies develop risk management strategies and products tailored to climate risks.
What makes CLIMATIG stand out is their unique innovative algorithm, which combines historical data, satellite data and many unconventional approved datasets with future predictions to make corrections on climate model data and get better predictions up to the year 2100, with storytelling features suitable for better decision-making process. Their very own, self-developed learning models can link an asset’s future climate risks with its projected climate change costs. Furthermore, their datasets are created and trained internally via high-computing machine learning.
The CLIMATIG platform is used via user-friendly and easily accessible WEB Application and each B2B customer receives tailored Climate Intelligence via API.
How it works
To get reliable climate risk prediction, users can fill in an address or select a location on the map in the CLIMATIG platform. Then, they can choose the desired hazards, year in the future and then receive the results in a few seconds based on various climate scenarios as defined by the Intergovernmental Panel on Climate Change (IPCC).
The powerful and intuitive managerial dashboard of the CLIMATIG platform offers real-time insights into climate risks at the portfolio level. This dashboard enables decision-makers to quickly identify locations with the highest risks and they can then take appropriate actions to mitigate potential losses.
Overall, the platform is built to be intuitive, user-friendly and offer comprehensive, extensive and reliable climate risk prediction for insurers, asset managers and property owners.
Why we selected CLIMATIG for ITC DIA Europe
CLIMATIG utilises advanced machine learning algorithms to provide insurers with insights into the potential climate risk exposure of their portfolios. By analysing large sets of climate data, CLIMATIG can predict the likelihood of various climate-related events and their impact on the insurer’s portfolio.
Insurers that wish to stay ahead of the curve when it comes to managing climate risk should definitely keep an eye on CLIMATIG.
At ITC DIA Europe, Duško Radulović, founder and CEO of CLIMATIG will 1. give case studies and examples of insurers they partnered up with and 2. demonstrate how their solution can be used to effectively manage insured portfolios, providing attendees with invaluable insights and practical tips.
Who is CLIMATIG?
CLIMATIG is an innovative Climate Tech startup founded in Croatia in 2019. Its management team consists of Duško Radulović (CEO), Kristina Gaća (CCO), and Alen Šterpin (CSO), who have many years of experience and expertise in the field of climate change.
CLIMATIG is committed to providing a comprehensive and accurate solution to manage climate risks, which can aid in portfolio management and decision-making.
To ensure the quality of data, CLIMATIG partners with organizations such as Copernicus, European Space Agency (ESA), Joint Research Centre (JRC), National Oceanic and Atmospheric Administration (NOAA), and OpenStreetMap (OSM). The company also collaborates with other partners such as Infobip (communication platform), Graphite Note (machine learning and analytics), and ImpactHub.
The company has raised funding and won several awards, including 1st prize at the Green Future Startup Challenge in June 2022, 1st prize at the Impact Hub European Gathering Demo Day Challenge in Belgrade in September 2022, and recognition at the Discover Vienna program by the Vienna Business Agency in October 2022 as one of the 11 best ClimateTech startups.
“At CLIMATIG, we are dedicated to providing exceptional climate-related services that help insurers achieve compliance with the latest EU taxonomy and regulatory ESG reporting. Our cutting-edge climate intelligence empowers insurers to make well-informed decisions about their portfolio’s climate risk exposure and take proactive measures to manage and mitigate that risk.”Duško Radulović, Phd, Founder and CEO of CLIMATIG