QBE forms a partnership with climate prediction and risk management firm, Jupiter.
Australian insurer QBE Insurance Group has entered into a partnership with Jupiter, an emerging leader in predicting and managing climate risk.
Jupiter’s “ClimateScore” is a comprehensive, cloud-based platform that incorporates environmental factors in an integrated, dynamic model to deliver risk-focused solutions. The platform comprises data that analyses and predicts climate risk from one hour to 50 years in the future.
QBE group chief operations officer David McMillan said: “The risks related to severe weather and climate change are some of the greatest challenges faced by the insurance industry. Through our partnership with Jupiter we will be able to incorporate leading-edge data analytics to improve underwriting and pricing and provide resiliency management expertise for our customers.”
Jupiter currently predicts the probability of extreme weather in select North American cities and the company is steadily expanding to service global markets.