Financial Services: Insurance
Make superior and safer climate risk decisions while rapidly stemming claims losses
The insurance industry's approach to underwriting continues to largely price based on historical data. But when assessing future climate risks, this is no longer enough.
Climate change will continue to impact all aspects of our lives, so building resilience now is crucial. Insurance businesses stay ahead of the curve by partnering with Climate X and combining past knowledge with our forward-looking natural disaster modelling of global assets and innovative workflows.
Build new revenue streams and
reduce your financial and reputational losses
Turn your climate commitments into real action and move from intention to impact.
Incorporate the frameworks of Spectra and Adapt within your existing system to transform your climate strategy. Use our financial risk data to drive claims losses lower and enhance your standing within the insurance industry.
Develop more
opportunities for growth.
With Spectra alongside your existing system, easily assess your asset portfolio across multiple time horizons, hazards and geographies – in seconds.
Such clarity of forward-looking risk helps generate better and faster decision-making in terms of risk acceptance, the creation of innovative products and investment strategies.
By responding more effectively to consumer needs, Spectra helps you improve your business security, develop new revenue streams and enhance opportunities for growth.
Improve your
ability to price effectively.
The underwriting process for climate-affected assets is getting harder for insurance businesses.
You need more reliable and insightful data. With it, your ability to accurately price products is significantly improved and, at the same time, eases the pressure from consumers. Spectra gets you this data. It provides financial loss data, including the percentage of total replacement cost, for every asset within your portfolio, giving you a clearer view of prospective financial risks.
Lose less business and
build a happier customer base.
A comprehensive view of risk strengthens your risk obligations, reducing the likelihood of abandoning communities, losing business, or facing negative perceptions.
With better risk understanding, insurers can avoid mispricing, high premiums, and community vulnerability, leading to happier customers.
Get a more complete view of risk and model the future with confidence
If your insurance business is still looking to the past to model the future, it’s time to reassess your process. Partner with Climate X to strengthen your understanding and capture prospective risks.
of physics
data points
of infrastructure
mapped assets
of coastline
perils
Reveal vital risk analysis for every asset within your portfolio
Gain a better understanding of future natural disaster risk with an in-depth analysis of every commercial or residential asset in your portfolio.
Realise the impact of climate change—both physically and financially—for improved decision-making.
Enhance your view of risk by integrating forward-looking models
- Climate X’s solutions, Spectra and Adapt, enhance existing systems by combining historical data with a forward-looking approach to modelling.
- Spectra and Adapt have full catastrophe model risk management capability, with total visibility across the product, science and methodologies used. Such transparency and adaptability mean your existing system can be elevated to insightful and superior ways of working.
- Integrate Spectra’s forward-looking methodology to identify your asset’s physical risk, helping you understand the cost of that risk and intuitively refine your pricing strategy.
- Get a stronger understanding of how to mitigate risk with Adapt, at a granular level. Built for ease of use, customise over 20 specific asset classes and adjust multiple elements, from the type of roof and wall to a variety of premises.
Natural disaster models, expertly developed by our in-house scientists
- Led by our founders with decades of stress-testing experience, our natural disaster models are fully developed in-house by our world-class team of scientists.
- All Climate X models are built with a highly robust scientific approach, using controlled Model Risk Management (MRM) to ensure regular review, precision and reliability. With a solid methodology at the core, we follow stringent risk management practices to reduce model uncertainty and enhance decision-making accuracy.
- Hazard coverage is comprehensive, spanning over 10 physical risk hazards, with international coverage and projections to 2100 of up to 5-year intervals. Multiple versions of future events can be modelled, highlighting both the potential hazard severity as well as the financial impact for each asset reviewed.
Assess climate resilience and quantify potential financial losses for over 1.5 billion assets
- Spectra has a building global database of 1.5 billion assets, and it continues to grow. All buildings and their characteristics are fully mapped, in addition to climate modelling. This makes the financial loss projections for each building far more accurate.
- Financial loss metrics and loss percentages are provided for the impact of natural catastrophes on every modelled asset. With more insightful and accurate data comes the ability to price more effectively, aiding the underwriting process.
- Better manage your potential claims with Adapt’s mitigation action. Run a detailed desktop evaluation of assets, identify hazards and understand the climate impact to businesses and consumers - all before sending risk assessors for physical evaluations.
Combine Spectra and Adapt for a truly unique workflow performance
- For the answer to your question about the cost of taking on a specific risk, look no further than Spectra.
- But when combined with Adapt, you’ll also find the answers to questions such as:
- What can I do to mitigate this risk?
- How much will it cost to implement these mitigation strategies?
- What benefits will it provide me?
- What will be my return on investment?
- Taking both together enables the development of solutions and products that directly address your client’s climate risk challenges, realising the true value and power of the Climate X workflow.
- Access all data at any time and independently. Regulator-ready reports are provided with metrics that are easy to understand and in a format that best suits your business. Save time interpreting the data and integrate the process into your current system.
Solutions
Enhance your view of risk by integrating forward-looking models
- Climate X’s solutions, Spectra and Adapt, enhance existing systems by combining historical data with a forward-looking approach to modelling.
- Spectra and Adapt have full catastrophe model risk management capability, with total visibility across the product, science and methodologies used. Such transparency and adaptability mean your existing system can be elevated to insightful and superior ways of working.
- Integrate Spectra’s forward-looking methodology to identify your asset’s physical risk, helping you understand the cost of that risk and intuitively refine your pricing strategy.
- Get a stronger understanding of how to mitigate risk with Adapt at a granular level. Built for ease of use, customise over 20 specific asset classes and adjust multiple elements, from the type of roof and wall to a variety of premises.
Methodology
Natural disaster models, expertly developed by our in-house scientists
- Led by our founders, who have decades of stress-testing experience, our natural disaster models are fully developed in-house by our world-class team of scientists.
- All Climate X models are built with a highly robust scientific approach, using controlled Model Risk Management (MRM) to ensure regular review, precision and reliability. With a solid methodology at the core, we follow stringent risk management practices to reduce model uncertainty and enhance decision-making accuracy.
- Hazard coverage is comprehensive, spanning over 10 physical risk hazards, with international coverage and projections to 2100 at up to 5-year intervals. Multiple versions of future events can be modelled, highlighting both the potential hazard severity as well as the financial impact for each asset reviewed.
Loss Projection
Assess climate resilience and quantify potential financial losses for over 1.5 billion assets
- Spectra has a building global database of 1.5 billion assets, and it continues to grow. All buildings and their characteristics are fully mapped, in addition to climate modelling. This makes the financial loss projections for each building far more accurate.
- Financial loss metrics and loss percentages are provided for the impact of natural catastrophes on every modelled asset. With more insightful and accurate data comes the ability to price more effectively, aiding the underwriting process.
- Better manage your potential claims with Adapt’s mitigation action. Run a detailed desktop evaluation of assets, identify hazards, and understand the climate impact on businesses and consumers—all before sending risk assessors for physical evaluations.
Workflow
Combine Spectra and Adapt for a truly unique workflow performance
- For the answer to your question about the cost of taking on a specific risk, look no further than Spectra.
- But when combined with Adapt, you’ll also find the answers to questions such as:
- What can I do to mitigate this risk?
- How much will it cost to implement these mitigation strategies?
- What benefits will it provide me?
- What will be my return on investment?
- Taking both together enables the development of solutions and products that directly address your client’s climate risk challenges, realising the true value and power of the Climate X workflow.
- Access all data at any time and independently. Regulator-ready reports are provided with metrics that are easy to understand and in a format that best suits your business. Save time interpreting the data and integrate the process into your current system.
Our latest articles
A selection of some of our latest articles covering industry, policy and climate science.
CBRE expands Climate Risk assessment capabilities with Climate X agreement
CBRE today announced expanded capabilities to provide climate risk data for property investors and occupiers to accelerate sustainability planning, reporting and decision-making.
