The analysis uses physics and AI to assess risk in real time up to 100 years into the future
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Spotted: As the Earth’s climate changes, insurers and other businesses are constantly striving to understand and assess the risk of various events. Mitiga Solutions, a Barcelona-based risk assessor, combines artificial intelligence (AI) and physics to build a Climate Score for a variety of hazards, helping organisations make informed decisions on the latest data, rather than historical information. The company’s goal is to prevent natural hazards from becoming disasters.
Working with the Barcelona Supercomputing Centre, Mitiga reviews dangers, including cyclones, volcanoes, floods, rising sea levels, wildfires, and drought. The company’s Climate Score provides businesses with analysis of how any or all of those risks affect potential product loss, supply chain continuity, fleets of vehicles, delivery routes, and more.
Mitiga’s risk modelling includes details such as local vegetation, topography, and active weather systems. And importantly, the Climate Scores always include a quantification of what is unknown, which ensures that those aspects are included in the assessment, rather than left out because of a lack of data. For areas of the world with developing economies, Mitiga includes a Climate Equity tool in its AI analysis. That allows the scores to reflect the varying burdens of different locations already there because of climate change, as well as make it possible to fill in gaps in data collection.
Climate scores range from real-time to short and long term, stretching up to 100 years out from the current date. Mitiga’s services are available currently in more than 20 countries, and after a successful series A funding round that raised €13 million, the company plans to continue expanding to more locations and further develop its analytic capabilities.
Extreme weather events are becoming so much more common that a host of innovations have been created to help communities deal with them. Springwise has spotted solar-powered sensors that warn communities of possible flooding and global, AI-powered weather monitor that provides updates every 15 minutes.
Written By: Keely Khoury