EUROPE – Guy Carpenter & Co., the reinsurance business of Marsh McLennan has announced the launch of a Wildfire Risk Score designed to help clients manage their exposure to the evolving risk of wildfire across Europe. The solution builds on the approach successfully deployed in the U.S. and adds an additional peril geography to Guy Carpenter’s climate advisory offerings.
Clients are now able to produce two scores: one for properties at risk across Europe and one for risk to forestry for the Nordic region. In addition, various climate change scenarios can be applied to modify the risk scores based on a series of variations over time ranging from near current climate to an increase of 3.0-plus degrees.
Wildfire Risk Score enables clients to generate risk scores ranging from ‘Very Low’ to ‘Extreme’ instantaneously for all properties in their European portfolio. These scores can be used to assess portfolio exposure levels and potential wildfire accumulation risks, or to support underwriting decisions at the individual risk level. Further, the data can be applied to climate change-related regulatory reporting requirements.
Available through GC AdvantagePoint, Guy Carpenter’s global risk analysis and visualization platform designed to transform data into actionable insights, Wildfire Risk Score can be integrated into a company’s existing workflows via API.
“The evolving threat posed by wildfire across Europe requires companies to adopt a data-driven approach to adequately assess their current and future exposures,” commented Dr. Jessica Turner, managing director, Catastrophe Advisory, Guy Carpenter.
“This ground-breaking European Wildfire Risk Score will allow our clients to gain a more accurate understanding of both current risk 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,” Turner added.
Source: Guy Carpenter
Photograph: Firefighters operate at Ellinika village on Evia island, about 176 kilometers (110 miles) north of Athens, Greece, on Monday, Aug. 9, 2021. Photo credit: AP Photo/Petros Karadjias.