Howden Re and Mitiga Solutions partner to provide comprehensive volcanic risk modelling for Spain
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, developed within Howden Re and Howden Iberia’s work with the Consorcio de Compensación de Seguros (CCS), will support advanced analytics and Probable Maximum Loss (PML) estimates across multiple perils, including volcanic eruptions.
In 2021, the eruption of the Cumbre Vieja volcano on La Palma demonstrated the potential scale of volcanic impact in Spain, causing more than $800 million in damage and destroying over 1,600 buildings and critical infrastructure. Despite its impact, volcanic risk remains one of the least understood and least modelled natural hazards.
David Santos, Managing Director, Howden Iberia, said: “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.”
By combining Howden Re’s reinsurance and analytics expertise with Mitiga Solutions’ science-based modelling capabilities, the partnership will provide comprehensive assessment of volcanic hazards such as lava flows and ash fall for Spain, alongside broader multi-peril scenarios. The joint effort will support a more forward-looking understanding of risk and strengthen long-term resilience planning.
Alex Martí, CEO of Mitiga Solutions, added: “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 this exposure, and this collaboration with Howden Re creates an opportunity to bring that science into broader risk management frameworks.”
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, Howden Re is distinguished by its innovative service offering, entrepreneurial leadership approach, and commitment to excellence. With a broad suite of services and specialties, differentiated capital structure, and growing global team, Howden Re aims to deliver outsized value to reinsurance clients.
ABOUT MITIGA SOLUTIONS
Mitiga Solutions is a climate risk intelligence company enabling organizations to understand, quantify, and manage climate and geophysical risks. Originally a spin out of the Barcelona Supercomputing Center, Mitiga Solutions combines advanced natural hazard and climate 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 climate.