Specialist reinsurer Guy Carpenter has launched a Wildfire Risk Score to help clients manage their exposure to the risk of wildfire across Europe.
The new solution builds on the approach ‘successfully’ deployed in the US and adds another peril geography to reinsurer’s offerings.
Using the new climate advisory offering, clients will be able to produce two scores, one for properties at risk and the other for risk to forestry in the region.
Guy Carpenter stated that its solution also offers the ability to modify risk scores using the various climate change scenarios.
Wildfire Risk Score can be used to generate scores ranging from ‘very low’ to ‘extreme’ for properties in the client’s European portfolio.
It can be used to assess portfolio exposure levels and potential wildfire accumulation risks as well as to make informed underwriting decisions.
Guy Carpenter managing director of catastrophe advisory Jessica Turner said: “This ground-breaking European Wildfire Risk Score will allow our clients to gain a more accurate understanding of both current risks 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.”
Wildfire Risk Score, which can be integrated via API, is available through the global risk analysis and visualization platform, GC AdvantagePoint.
Last week, Guy Carpenter’s parent Marsh McLennan launched a Cyber Risk Analytics Centre to bring together cyber risk data, analytics, and mitigation expertise.