Auckland, 21 August 2023 – Leading actuarial and analytics firm, Finity, has formalised a strategic partnership with the National Institute of Water and Atmospheric Research (NIWA). The partnership leverages Finity’s knowledge of the financial aspects of natural perils modelling with NIWA’s extensive data and climate science expertise. This will give the insurance sector the highest quality view of risk at an address level for coastal inundation, storm, riverine and surface water flooding, and landslip, along with the most up to date projection of climate impacts.
“NIWA’s data and models will support insurance pricing, underwriting, reinsurance decision-making, and capital modelling both in New Zealand and the wider Pacific region. New Zealand is highly exposed to natural peril risk, making an understanding of perils critical for effective risk management and mitigation.” said Finity’s New Zealand Managing Principal John Smeed.
NIWA’s Dr Mark Bojesen-Trepka, Manager, Marketing and Industry Engagement, says “With this partnership NIWA can further extend the application of our world class climate and climate change science into the insurance sector to support risk and opportunity assessments at the asset, property and portfolio levels. Finity, being a leading provider of high-quality insurance solutions, can leverage our data and technical expertise to create informed and leading-edge advice and decision technologies that, ultimately, will benefit the New Zealand public.
“This is an exciting partnership for Finity that brings together a new and impressive array of technical skills, data and climate science in one place. Finity can translate this data to ensure our insurance sector clients are informed and empowered to make decisions about their products and services.” said Finity’s Climate and Sustainability Principal Rade Musulin. “We look forward to ongoing innovation and developing many more applications for NIWA’s science to secure the best outcomes for consumers of insurance services.”
About NIWA
NIWA, the National Institute of Water and Atmospheric Research, is a Crown Research Institute established in 1992. NIWA’s purpose is to enhance the economic value and sustainable management of New Zealand’s aquatic resources and environments, to provide understanding of climate and the atmosphere and increase resilience to weather and climate hazards to improve safety and wellbeing of New Zealanders. NIWA’s mission is to conduct leading environmental science to enable the sustainable management of natural resources for New Zealand and the planet. https://niwa.co.nz/
About Finity
Finity is Australasia’s largest actuarial and strategic analytics firm working with large scale organisations and government through to tech start-ups across a range of insurance, climate, financial and healthcare industries. Finity is a proud recipient of the Insurance Industry’s Professional Services Firm of the Year award in both Australia and New Zealand. https://finityconsulting.co.nz
