Global Parametrics, a parametric and index-based risk transfer start-up that’s backed by the UK and German governments, has partnered with the Barcelona Supercomputing Centre (BSC) to improve the speed and scale of its climate-related risk modelling.
The BSC is a member of the Partnership for Advanced Computing in Europe (PRACE) and specialises in high-performance computing research.
The collaboration will provide Global Parametrics with the capacity to develop a diverse range of climate-related risk models and enhance its acceptance in the risk transfer, financial and investor markets.
The parties have signed a memorandum of understanding to provide for arrangements such as the sponsorship of a research specialist to develop new applications that expand the frontiers of weather and seismic modelling.
Global Parametrics develops financial products that aim to strengthen the resilience of communities vulnerable to natural disasters in developing countries.
The company explained that collaborations with organisations like the BSC will enable it to expand its reach in Europe and grow a global network to deploy its technology for commercial and sustainable use.
“We explore opportunities that mainstream industry is unable to, particularly in creating partnerships that will help us to achieve market development in emerging economies,” said Hector Ibarra, Chief Executive Officer (CEO) at Global Parametrics.
“Ultimately, we aim to become a leading incubator for growing the financial disaster risk management market, with a particular focus on accelerating financial inclusion and building the resilience of vulnerable communities affected by catastrophic disasters and major climate events,” he continued.
José María Cela, Director of Computer Applications in Science and Engineering at the Barcelona Supercomputing Centre, also commented: “We’re pleased that our technological capabilities and insight will be used to accelerate progress in building resilience around climate change and driving financial inclusion in developing markets.
“This partnership with Global Parametrics aligns perfectly with our mission to be a leader in the innovative application of computation to non-conventional fields and it also allows us to deepen our own academic expertise in a new and important area.”