The solution for the insurance industry
Losses from natural disasters and climate change are on the rise.
The insurance industry is particularly affected by natural disasters and climate change. According to Munich Re’s NatCatSERVICE database, in 2022 the resulting economic losses worldwide amounted to US$ 270 billion.*
All continents are affected by these risks. This also applies to the type of events, whether they are geophysical, meteorological, hydrological, or climatological - and with a correspondingly significant impact on the financial results of every insurance company in the world.*Source: Climate change and La Niña driving losses: the natural disaster figures for 2022 | Munich Re
4 solutions for the 4 biggest challenges you face each day as an insurer
1) Reduce your financial risk by reliably identifying risks that may arise from the effects of climate change and adapting your product offerings to changing conditions. Location Risk Intelligence supports you with up-to-date and reliable climate data for different scenarios to enable you to assess these risks in an informed way.
2) Optimise the risk-adjusted returns of your investment portfolio by assessing the exposure of your assets to risks that can be expected from climate change. For investment managers in particular, a sound assessment of these risks is critical for assets which are held in order to generate long-term returns.
3) Benefit from better business continuity management planning by considering the impact of natural disasters on your staff, operating resources, and supply chain. At a time when your customers are increasingly affected by natural disasters, you need to ensure that your staff and operating resources are fully functional in order to meet the growing requirements of your customers.
4) Meet the increasing demand for greater transparency with ease. As a central platform, Location Risk Intelligence enables you to comprehensively assess the combined impact of natural disasters on assets, liabilities, and operational processes for both internal management and external reporting.
We employ Munich Re’s Location Risk Intelligence, a robust risk management tool for the insurance industry, to effectively identify and assess catastrophic risks associated with natural disasters and climate change through data analytics and predictive models.