Technology, Science Give Insurers A Head Start in Preventing Weather-Related Losses
As severe weather events become more common and costly insurance companies are looking for ways to identify possible hazards and prevent them from causing major damage.
A Barcelona-based climate-tech company is using science and technology to help carriers solve that problem.
Nationwide Ventures, the venture capital arm of U.S.-based insurance and financial services provider Nationwide, has made an investment in Mitiga Solutions as part of its Series A fundraise. The company combines scientific models with technology to better evaluate the impact of natural hazards, helping insurance, real estate, energy, and financial companies understand and address the risks and uncertainties of climate change. Nationwide’s portion of the funding comes from its $350M venture capital investment fund.
“Severe weather events are a part of everyday life and impact everyone, no matter where they live or what time of year it is. That’s why Nationwide has made a concerted effort to raise awareness about the importance of building fortification,” said Klaus Diem, Nationwide’s Chief Risk Officer. “We’re hopeful that Mitiga’s technology and extended experience will give the insurance industry a better understanding of when and where bad weather will strike so we can be better prepared to withstand it.”
Mitiga Solutions takes into consideration various dynamic factors, such as weather and geophysical conditions, to better evaluate the impact of natural hazards as a result of climate change. By adopting this approach, it more precisely analyzes risks across time, which helps insurance companies, real estate, and financial institutions better understand and address risks and uncertainties.
“We're on a mission to prevent natural hazards from becoming disasters and push the boundaries of how risks are managed and mitigated,” shared Dr. Alejandro Martí, CEO and Co-Founder of Mitiga Solutions. “Most importantly, we want to make the world a more resilient and safer place under a changing climate. We’re thankful for Nationwide’s support in helping us accomplish our goals.”
The Series A funding will enable the company to provide clients with the necessary tools to assess, measure and report climate hazard associated risks, while scaling the use of its physics-based models to help prevent natural hazards from becoming disasters.
For more information about Mitiga Solutions, visit https://www.mitigasolutions.com/