MENLO PARK, CALIF. (August 16, 2023) — One Concern, an AI physical risk company, and Swiss Re, a global reinsurance leader, today announced a strategic partnership that will enhance the underwriting and management of nat cat business interruption risk. Under the partnership, One Concern’s Business Interruption Risk Scores and Metrics DNA product will be made available to insurers via Swiss Re’s CatNet® platform. CatNet® provides users with an overview and assessment of natural hazard exposures worldwide. It assesses the risk by combining hazard, loss, exposure, and insurance information with selected background maps and satellite imagery.
The AI-powered 1C-DNA product leverages catastrophe modeling, graph networks, data science, and foundation models to create a digital twin of the physical world to differentiate properties based on their hidden outside-the-fence risks (including power outages, logistics and supply chain, communities, etc).
The 1C-DNA product is a data-as-a-service tool that provides actionable insights on downtime risk exposure to hazards, extreme weather, and natural disasters. Business Interruption Risk Scores and Metrics are the essential tool an underwriter needs to understand location level Nat Cat Business Interruption risk – an otherwise hidden risk in every property insurance portfolio today. The integration of One Concern’s DNA product into Swiss Re’s CatNet® platform will provide insurers with a more comprehensive understanding of risk, enabling them to better value, manage and mitigate their exposure.
“One Concern is thrilled to partner with Swiss Re, a company that shares our commitment to leveraging technology to build resilience against climate change and natural disasters,” said Ahmad Wani, CEO and Co-founder of One Concern. “By integrating our DNA product into Swiss Re’s CatNet® platform, we can provide insurers with the data they need to better understand business interruption risk exposure and make more informed decisions that protect assets and communities.”
Anil Vasagiri, Senior Vice President, and Head of Property Solutions at Swiss Re, commented. “Swiss Re’s partnership with One Concern allows us to offer our clients an enhanced level of risk assessment so they can better evaluate the risk of operational downtime. By embedding One Concern’s DNA product in our CatNet® platform, we can provide our clients with a comprehensive understanding of concealed, non-damage business interruption risk which continues to lead to substantial claims.”
The partnership between One Concern and Swiss Re represents a significant step forward in the use of technology to manage and mitigate the risks associated with climate change and natural disasters.
For media inquiries:
One Concern Communication Team PR@oneconcern.com
Erica Ng Erica_Ng@swissre.com
About One Concern
One Concern is an AI technology company building the digital infrastructure for global physical risk. One Concern maps, analyzes, and monitors every piece of the world’s built environment and its connection to the global economy. We enable financial institutions and corporates to price physical risk into complex, high-value decisions to optimize market structure and resilient business performance. For more information, visit oneconcern.com
About Swiss Re
The Swiss Re Group is one of the world’s leading providers of reinsurance, insurance and other forms of insurance-based risk transfer, working to make the world more resilient. It anticipates and manages risk – from natural catastrophes to climate change, from ageing populations to cyber crime. The aim of the Swiss Re Group is to enable society to thrive and progress, creating new opportunities and solutions for its clients. Headquartered in Zurich, Switzerland, where it was founded in 1863, the Swiss Re Group operates through a network of around 80 offices globally. For more information, visit www.swissre.com.