Reinsurance News

Guy Carpenter launches Wildfire Risk Score

18th October 2021 - Author: Katie Baker

Guy Carpenter & Company has launched a Wildfire Risk Score designed to help clients manage their exposure to the evolving risk of wildfire across Europe.

guy-carpenter-logoThe solution builds on the approach successfully deployed in the U.S. and adds an additional peril geography to Guy Carpenter’s climate advisory offerings.

Through the new platform, clients will be able to produce two scores, one for properties at risk across Europe and one for risk to forestry for the Nordic region.

Wildfire Risk Score enables clients to generate risk scores ranging from ‘Very Low’ to ‘Extreme’ instantaneously for all properties in their European portfolio.

These scores can be used to assess portfolio exposure levels and potential wildfire accumulation risks, or to support underwriting decisions at the individual risk level.

Further, the data can be applied to climate change-related regulatory reporting requirements.

Dr. Jessica Turner, Managing Director, Catastrophe Advisory, Guy Carpenter, commented: “The evolving threat posed by wildfire across Europe requires companies to adopt a data-driven approach to adequately assess their current and future exposures.

“This ground-breaking European Wildfire Risk Score will allow our clients to gain a more accurate understanding of both current risk and in a warmer world. The launch forms part of Guy Carpenter’s wider goal of supporting better underwriting and enhancing our industry’s resilience to a rapidly changing climate.”

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