Cytora and Mitiga Solutions partner to enhance insurers’ climate risk insights

Cytora, a digital risk processing platform, has partnered with Mitiga Solutions, a provider of science-based climate risk intelligence, to offer insurers enhanced insights into their climate risk exposure, enabling more informed decision-making.

Insurers can now access Mitiga’s on-demand climate risk analysis platform, EarthScan, through Cytora’s platform. This comes at a crucial time when climate change is a major concern for businesses, and new regulations require insurance companies and their clients to disclose their climate risk exposure.

EarthScan uses advanced data modelling, machine learning, and climate science to help companies analyse, report, and respond to risks such as flooding, drought, and extreme temperatures across various climate scenarios and long-term timeframes.

With EarthScan integrated into Cytora’s platform, underwriters can quickly assess the climate risk of individual assets and large portfolios. This allows them to factor in emerging climate trends and the increasing frequency of extreme weather events to evaluate their portfolio’s sustainability.

Juan de Castro, COO at Cytora, said “With the impact of climate change more apparent year on year, it is increasingly difficult for insurers to accurately determine the level of climate risk a business has. Through partnerships like this one we are delivering on our commitment to make sure insurers have access to the most cutting-edge data and insights available to make faster and more accurate risk evaluations and decision-making.”

Alejandro Marti, co-founder and CEO at Mitiga Solutions, added, “This partnership is the latest step in our mission to make the world a more resilient place under a changing climate. We are excited to work with Cytora so that the state-of-the art in climate science and data modelling is available to insurers through Cytora, meaning smarter, more informed decisions on climate risk without the need to be a climate scientist.”

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