Reinsurance brokerage Guy Carpenter & Company said it has launched a climate impact center in Hong Kong to help the Asia-Pacific region understand, assess and predict catastrophic risks.

The center, called the Guy Carpenter Asia-Pacific Climate Impact Centre, is located at City University of Hong Kong, which already conducts research on typhoons and monsoons in the Asia-Pacific region, the firm said.

Guy Carpenter promised the new operation “will serve as the leading regional hub for climate research.”

Activities that the center has initiated include studying the winter monsoon season over China and developing methods to predict climate-related catastrophes on seasonal, annual, or semi-decadal time scales, the brokerage said.

Britt Newhouse, chairman of Guy Carpenter & Company, LLC, said in a statement that in addition to financial support for the center, the company is “also devoting our industry expertise in the areas of data assessment, catastrophe modeling and risk management techniques to spearhead climate research and innovation strategies that will benefit the entire Asia-Pacific region.”

Professor Way Kuo, president of City University, added, “Over the years we have been actively engaged in applied research that responds to the needs of industry, commerce and the community.”

The assistance from Guy Carpenter will further strengthen the center's capabilities, “with the potential to benefit many millions of people across the region,” he said