The collaboration with mistEO will allow UST to provide its insurance and banking clients across the US market – particularly those working in the travel insurance and property and casualty (P&C) segments – with insights into weather and climate risks.
These insights from mistEO will include weather analytics and climate modelling based on accurate, localised weather and climate risk data.
It is hoped that by providing access to these insights, businesses working across the travel and P&C insurance sectors can reduce underwriting uncertainty and reduce premiums.
The data will also allow UST’s clients to better adapt to the growing global risk of extreme weather events due to climate change.
“This exciting partnership allows us to provide climate decision intelligence to enhance investment management decisions, lending, and insurance underwriting, as well as provide critical datapoints in assessing ESG strategy and risks,” said Maureen Doyle-Spare, General Manager for Financial Services at UST.
“As climate risks continue to reshape business landscapes, there exists immense potential for innovation and adaptation,” said Samuel John, CEO of mistEO. “We are thrilled to join forces with UST to pioneer data-driven solutions that empower businesses to navigate these challenges effectively.”
In-depth and up-to-date weather data is becoming increasingly important in the travel insurance sector – a trend best illustrated by the growing popularity of weather-related parametric insurance products. Parametric insurer Sensible Weather recently announced plans to develop a new product with coverage for extreme heatwaves.