In partnership with Climpact-Metnext and AXA Corporate Solutions, AXA Seed Factory has created a startup: ClimateSecure. ClimateSecure’s aim is to provide tailor-made insurance and weather-risk management solutions to help its clients understand, mitigate and insure financial losses caused by weather anomalies. For “weather-sensitive” sectors such as the construction, transportation and agriculture industries, anticipating and insuring these risks is essential.
Climate change is causing an increase in weather anomalies throughout the world. As a matter of fact, even a slight increase in temperature or greater-than-average rainfall over a short period can have a direct and often drastic impact on companies’ financial performance.
For Minh Q. Tran, Managing Partner of AXA Seed Factory, “For many actors, preparing for the financial consequences of climate change is essential. By combining the expertise of meteorologists, data scientists, and insurance specialists ClimateSecure adopts an innovative approach in order to offer its clients entirely customizable solutions.”
AXA Corporate Solutions (AXA CS), AXA Group’s entity dedicated to insurance solutions for large corporations worldwide brings its expertise in terms of insurance products. On its end, Climpact-Metnext offers expertise as European leader in weather consulting services.
The combination of these two types of expertise will allow ClimateSecure to offer products and services that are particularly innovative for both weather-sensitive companies but also for brokers seeking new solutions for their clients. ClimateSecure’s partners will also be able to better understand their activity’s vulnerability towards certain weather events, limit the negative impacts that ensue, and finally insure their results against a rainy summer, a snowless winter, or a dry spring, etc…
“Beyond traditional insurance covers against natural catastrophes, many companies need to protect themselves against weather anomalies, which are increasing in frequency. Facing adverse weather at the wrong moment can lead to a 20 to 25% decrease in revenues over a quarter for companies in industries such as energy and tourism. In response to these growing needs, AXA Corporate Solutions has developed a product line based on data from weather stations and satellite imagery”, explains Tanguy Touffut, head of Parametric Insurance at AXA Corporate Solutions.
Finally, according to Patrice Massat, president of Climpact-Metnext, “On the one side, AXA CS developed unique competencies in the market on the protection of weather risks and on the other side, Climpact-Metnext is a leader in weather consulting services. It was natural to create a partnership in order to offer the best possible solutions to our clients and brokerage partners.”
About ClimateSecure
ClimateSecure provides insurance and weather-risk management solutions to help clients understand, mitigate, and insure financial losses caused by weather anomalies.For weather-sensitive industries such as the construction, transportation, and farming industries, anticipating and insuring weather risk is essential. ClimateSecure adopts an innovative approach by combining the expertise of meteorologists, data scientists and insurance specialists in order to provide tailor-made solutions. For more information: www.climatesecure.eu
About AXA Seed Factory
AXA Seed Factory is a seed fund specialized in digital insurance and banking. The fund acts as a holding built to help experienced entrepreneurs to launch new disruptive ideas. It also operates like a business incubator and ideas accelerator which co-invests with business angels or venture capital funds in innovating startups with strong synergies among them. For more information: www.axaseedfactory.com
About Climpact-Metnext
CLIMPACT-METNEXT is the European leader in consulting services for weather and climate adaptation strategy. We offer our clients forecasting and decision-making solutions and services to better leverage climate and weather factors to improve performance. For more information: www.climact-metnext.com
About AXA Corporate Solutions With over 1500 employees and an international network of over one hundred countries, AXA Corporate Solutions is the AXA Group’s entity dedicated to Specialty Markets worldwide and to large corporations in terms of Property and Casuality. AXA Corporate Solutions is also the Group’s expert on parametric insurance for weather-related risks. For more information: www.axa-corporatesolutions.com