Collaboration facilitates the quantification of one of the most complex and overlooked natural hazards at a national level
Howden Re and Mitiga Solutions have extended their ongoing collaboration to enhance Spain’s national approach to assessing volcanic risk, applying Mitiga Solutions’ proprietary volcanic catastrophe models to the Canary Islands. The partnership is being developed within Howden Re and Howden Iberia’s work with the Consorcio de Compensación de Seguros (CCS), Spain’s public insurance entity for extraordinary risks.
In 2021, the eruption of the Cumbre Vieja volcano on La Palma demonstrated the potential scale of volcanic impact in Spain. Over several months, lava flows destroyed more than 1,600 buildings and 80 kilometres of roads. Together with prolonged ash fall, the flows significantly disrupted almost every key sectors across the island. Total economic damage exceeded $800 million, with agriculture among the hardest hit, including losses of more than $57 million for banana producers alone.
What this collaboration reflects
Despite its widespread impact, volcanic risk remains one of the least understood and least modelled natural hazards, often overlooked in traditional catastrophe frameworks.
Against this backdrop, the two organisations are working together to advance how volcanic risk is quantified and managed as part of Spain’s national approach to natural catastrophe modelling.
The collaboration forms part of Howden Re and Howden Iberia’s engagement with the Consorcio de Compensación de Seguros (CCS), Spain’s public insurance entity for extraordinary risks. Together, the organisations are contributing to the development of advanced analytics and Probable Maximum Loss (PML) estimates across key perils, including flood, earthquake, storm and volcanic eruption, with a particular focus on strengthening how volcanic hazards are assessed. This joint effort aims to provide a more complete and forward-looking view of risk, supporting stronger resilience planning at a national level.
As David Santos, Managing Director, Howden Iberia, explains, “catastrophe risk is growing in complexity, and advancing how we model less understood perils is essential. Partnering with Mitiga Solutions deepens our analytical capabilities, strengthening our ability to deliver more robust, forward-looking insights for our clients.”
Mitiga’s proprietary volcanic catastrophe models will underpin the assessment of CCS exposure to lava flows and ash fall across Spain, forming a critical component of the overall analytical framework.
Alex Martí, CEO of Mitiga Solutions, said: “Volcanic risk remains one of the most difficult natural hazards to quantify, despite its potential for widespread disruption. Mitiga has developed proprietary modelling capabilities to better assess volcanic risk, and this collaboration with Howden Re creates an opportunity to bring that science into broader risk management frameworks.”
By combining Howden Re’s global reinsurance and analytics expertise with Mitiga Solutions’ science-based modelling capabilities, the partnership brings new depth to catastrophe risk assessment. As a spin-off from the Barcelona Supercomputing Center, Mitiga specialises in high-resolution modelling powered by advanced climate and geophysical science, artificial intelligence, and high-performance computing.
Beyond volcanic risk, this collaboration marks a natural evolution of our existing partnership, expanding its scope to further advance catastrophe modelling through the integration of advanced science, data, and industry expertise.
As climate-related risks intensify, deepening partnerships like this will be critical to enabling more accurate risk assessment and building more resilient insurance systems.
ABOUT HOWDEN RE
Howden Re is the global reinsurance and capital markets arm of Howden. Offering risk, capital, and strategic advisory services, Howden Re is distinguished by its innovative approach, entrepreneurial leadership, and commitment to excellence. With a broad suite of capabilities, differentiated capital structure, and a growing global team, Howden Re aims to deliver outsized value to reinsurance clients.
ABOUT MITIGA SOLUTIONS
Mitiga Solutions is a risk intelligence company enabling organizations to understand, quantify, and manage climate and geophysical risks. Originally a spin-out of the Barcelona Supercomputing Center, Mitiga combines advanced climate and geophysical science, artificial intelligence, high-performance computing, and large-scale environmental data to deliver high-resolution risk analytics. Its solutions help insurers, financial institutions, infrastructure companies, and corporations worldwide strengthen resilience and make better decisions in the face of a changing risk landscape.
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