QBE Partners with Jupiter to take on Climate Risk
QBE Insurance Group Limited (QBE) today announced its 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.
QBE’s partnership with Jupiter is in line with our commitment to managing climate-related risks and opportunities. Earlier this year, QBE also signed the Statement of Support to adopt the recommendations of the Financial Stability Board’s Task Force on Climate-Related Financial Disclosures (TCFD).
QBE also invested in Jupiter via its venture capital arm, QBE Ventures, which partners with the world’s best and brightest start-ups to deliver new technologies and competencies.
Jupiter is the fourth investment made by QBE Ventures, including HyperScience, Cytora, and RiskGenius, since its launch in 2017.
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Led by a team of world-renowned scientists and executives, Jupiter provides data and analytics services to better predict and manage risks from weather and sea-level rise, storm intensification and rising temperatures caused by medium to long-term climate change.
The ClimateScore platform leverages cloud computing to link multiple predictive models, both probabilistic and scenario-based, which gather data from countless ground-based and satellite sensors. It then uses machine learning to automatically and continually improve Jupiter’s dynamic models, reduce local biases of scientific simulations and accelerate information delivery.
Jupiter’s FloodScore and HeatScore services are currently focused on climate-related risk assessment and management for New York City, South Florida and the Atlantic Coast with global expansion underway. Jupiter’s models are based on the latest science, as developed by the global Earth and Ocean Systems community.
About QBE Insurance Group
QBE Insurance Group is one of the world's top 20 general insurance and reinsurance companies, with operations in all the key insurance markets. QBE is listed on the Australian Securities Exchange and is headquartered in Sydney. We employ more than 14,000 people in 36 countries. www.qbe.com
About QBE North America
QBE North America, an integrated specialist insurer, is part of QBE Insurance Group Limited, one of the largest insurers and reinsurers worldwide. QBE NA reported Gross Written Premiums in 2017 of $4.6 billion. QBE Insurance Group's 2017 results can be found at www.qbe.com. Headquartered in Sydney, Australia, QBE operates out of 31 countries around the globe, with a presence in every key insurance market. The North America division, headquartered in New York, conducts business through its property and casualty insurance subsidiaries. The actual terms and coverage for all lines of business are subject to the language of the policies as issued. QBE insurance companies are rated "A" (Excellent) by A.M. Best and "A+" by Standard & Poor's. Additional information can be found at www.qbe.com/us, or follow QBE North America on Twitter.
About QBE Ventures
QBE Ventures is the venture capital arm of QBE Insurance Group. QBE Ventures invests globally in companies that provide access to differentiated technology which has the potential to enhance QBE's business model, drive efficiencies and develop new avenues of growth.