From hurricanes to record-breaking heat waves, floods to severe drought, our climate is changing rapidly, and the challenges associated with our weather have never been greater. Two companies have come together to apply their expertise and unique offerings to address these challenges through improved risk assessment within the insurance industries.
Together, iMitig8’s product paired with Monarch’s data empower stakeholders to understand the natural hazards and other outside influences that could affect the location. This crucial information helps companies reduce risk and exposure to its bottom line.
A recent partnership announced with the Esri Startup Program will optimize Monarch’s ability to help clients from all industry sectors navigate weather extremes. Esri, the global leader in location intelligence, provides early-stage businesses with the tools they need to build mapping and geographic information systems (GIS) technology into their products.
Monarch measures exposure to our changing climate by combining historical observations, calibrated model scenarios and bias-corrected forecast projections (eg. rainfall, wildfires, humidity, wind, temperature, earthquakes, emissions, sea-level rise, and other threats) with data on a company’s assets and their surrounding environment to determine future risk.
The key to any infrastructure resilience plan is an understanding of climate-related risk – flood plains are not ideal locations for new construction projects, for instance. In turn, already built assets can be adapted and strengthened to better cope with climate impacts as they materialize. When developing infrastructure, it is always wise to be mindful of impacts elsewhere – the potential flood risk resulting from the expansion of paved surfaces is one obvious example.
This can be done at various spatial resolutions, from whole portfolio level, down to individual assets, and across flexible timeframes and various climate scenarios. Municipality policymakers are increasingly using weather and climate data in their planning procedures, and demanding more and more engineering and statistical-type answers. Some cities are even hiring consultants to help with specific issues or projects where in-depth knowledge of climate behavior is important to future planning and construction. Resilient infrastructure requires the application of accurate weather and climate data, which can answer difficult questions and navigate planners through political and budgetary difficulties.
Underwriters will be able to manage project risks with powerful efficiency. Insurers and Reinsurers will save time and money for streamlined workflow of the iMitig8 Risk Global platform. You will also be able to provide important analytics to the stakeholders to help build strong relationships with clients.
Risk Engineers are able to access information in one place, providing deeper risk insights. Gathering data at each location during the inspection uses an intuitive mobile application, which can be used in virtual and physical inspection settings. The data collected provides reports in a matter of minutes, with the benefit of useful alerts that highlight key issues and deadlines.
About Monarch Weather & Climate Intelligence
We are a woman-owned business with a team of Certified Consulting Meteorologists (CCM) and GIS Analysts, providing meteorological and climate services via custom forecasting, modeling and advisory within the insurance, tech, energy, real estate, transportation and agricultural sectors.
As the Fall equinox approaches, a vast number of Americans are eagerly anticipating the perfect weather that comes with the arrival of the 23rd of September. However, for many residing on the East Coast, this pleasant weather shift comes at a cost, which they will experience on Monday. Florida finds itself as the odd state out of the nice weather streak, with potential hazards hiding behind subtle, yet persistent daily rainfall. Across the globe, Hurricane Nigel has formed in the Atlantic and will rapidly strengthen to a major hurricane in the days ahead. Europe may see its first tropical system of the season while Australia paces a record September, with more sunshine increasing throughout the continent.
Click here to learn more about Monarch Co-Founder Kathryn Prociv and her passionate quest to document and capture tornadoes, in real-time. Kathryn shares stories from her exhilarating storm encounters and why this hands-on learning experience has deepened her understanding of meteorology and atmospheric dynamics, ultimately fostering stronger connections and deep empathy with Monarch partners and clients.
While the current ESG systems implemented in asset managers' portfolios are helping to smooth the transition to a more sustainable low-carbon economy, the risk management solutions organizations have in place to manage the risk of climate perils are often insufficient. There is a need for asset managers to understand the potential impacts of extreme weather on their assets and operations and take steps to mitigate these risks through effective risk management strategies. Read more HERE.