Mitigrate signs major deal with Gjensidige to prevent climate damage

Published: September 29, 2024

‍‍Based on an original article published in Finansavien, September 29, 2024. Read full article here

‍Mitigrate, the pioneering Norwegian startup focused on climate risk prevention, has reached a significant milestone by signing a three-year agreement with Gjensidige, Norway's largest general insurer.

The partnership will see Mitigrate’s AI-driven platform — which uses satellite imagery to assess flood and stormwater risks — integrated into Gjensidige’s advisory services. The goal? To reduce the risk of water damage before it occurs, and potentially save billions of kroner in insurance payouts over time.

“We’ve analyzed 1.7 million buildings in Norway and found over 700,000 that could benefit from preventive upgrades,”

says Mitigrate CEO Laurent Feuilleaubois.

Gjensidige has already tested the platform and sees major potential in applying it not only in Norway, but also possibly expanding to Denmark and Sweden under the current agreement.

Gjensidige CEO Geir Holmgren emphasized the strategic value of the collaboration:

“We believe this will lower the need for future price increases and reduce the environmental impact of extreme weather.”

With climate-related insurance claims already reaching 30 billion kroner over the past decade — and more intense weather on the horizon — both companies see this as a critical step toward building climate resilience.

Mitigrate, founded in 2021, is now scaling its operations across Scandinavia, with sights set on larger European markets like Germany, the UK, and France, and even North America. Pilot projects are already underway in France and the UK.

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About Mitigrate

Mitigrate is the first platform in insurance to focus on climate risk prevention using AI and satellite data. Their mission: help property owners, insurers, and municipalities prevent damage before it happens — and build a safer, more sustainable future.