Aon announces climate modelling collaboration with AbsoluteClimo in hopes of evolving insurer’s risk understanding

Aon has announced a new multi-year collaboration with Asia Pacific climate data and analytics provider AbsoluteClimo to develop advanced climate modelling to help organisations navigate climate-related risk.

Related topics:  Aon,  insuring the planet
Protection Reporter
6th July 2023
Insuring the Planet
"By working with Aon, we are excited to be able to bring our cutting-edge technology to the benefit of the insurance industry."
- Brendan Lane Larson, chief executive and climatologist at AbsoluteClimo

This collaboration aims to analyse the effects of climate change and the variability of climate-related risk, adding to Aon’s growing suite of analytical and academic initiatives. This will assist the industry’s evolving understanding of risk and drive exposure mitigation to better inform decisions.

Aon’s catastrophe modelling teams will be informed by AbsoluteClimo’s proprietary global climate physics and catastrophe machine learning models, GoTCHA and ClimoCats. These models can provide climate forecasts years into the future which can be drawn upon when necessary.

This will assist Aon’s re/insurer clients to develop forward-thinking underwriting and pricing strategies.

Commenting on this collaboration, Peter Cheesman, head of APAC analytics for Aon’s Reinsurance Solutions, has 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.”

Brendan Lane Larson, chief executive and climatologist at AbsoluteClimo, added:

“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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