The partnership gives insurers access to Mitiga’s EarthScan platform through Cytora, allowing underwriters to evaluate future exposure to extreme weather with greater accuracy. EarthScan, Mitiga’s on-demand climate risk analysis tool, uses advanced data modelling, machine learning, and cutting-edge climate science to assess risks such as flooding, drought, and extreme temperatures across various scenarios and timelines.
With EarthScan’s integration into Cytora’s platform, underwriters can now analyze climate risks at both the individual asset level and for large portfolios, taking into account emerging climate trends and the growing frequency of extreme weather events. This data is particularly valuable as insurers face increasing regulatory pressure to disclose their exposure to climate risk and support businesses in building resilience against climate-related threats.
This partnership marks another step in Cytora’s mission to create one of the world’s most comprehensive data ecosystems for the insurance industry. It follows a period of significant growth for Cytora, including a major collaboration with Chubb, the expansion of its partnership with Arch into North America, and the recent enhancement of its platform, which now utilizes Large Language Models (LLMs) alongside Cytora’s proprietary AI to streamline risk assessment, underwriting, and claims management processes.
Juan de Castro, COO at Cytora, said: “With the impact of climate change more apparent year on year, it is increasingly difficult for insurers to accurately determine the level of climate risk a business has. Through partnerships like this one we are delivering on our commitment to make sure insurers have access to the most cutting-edge data and insights available to make faster and more accurate risk evaluations and decision-making.”
Alejandro Marti, co-founder and CEO at Mitiga Solutions, said: “This partnership is the latest step in our mission to make the world a more resilient place under a changing climate. We are excited to work with Cytora so that the state-of-the art in climate science and data modelling is available to insurers through Cytora, meaning smarter, more informed decisions on climate risk without the need to be a climate scientist.”
