Climate resilience analytics specialist, Climate X, has launched a global probabilistic wildfire model for financial firms, including insurers.
Called Global Wildfire, the model aims to give organisations the “precision data” to “quantify exposure and make informed strategic decisions”.
Climate X said the model combines machine learning, stochastic simulation, physical fire-spread modelling, and asset-level loss modelling that will give firms a “consistent way to assess wildfire exposure across global portfolios and climate scenarios”.
It covers 93% of global GDP across eight regions, which allow cross-region portfolio comparison.
The firm said wildfire models are “struggling to pinpoint risk accurately” as wildfire losses climb as they become more frequent and destructive.
Lukky Ahmed, co-founder and CEO of Climate X, said: “For the first time, using Global Wildfire, Institutions have defensible, globally consistent, location-level analytics that translate hazard into potential loss.”
Companies:Climate X
People:Lukky Ahmed