The model uses advanced data and analytics to demonstrate changes in acute hazards such as wind and flood, as well as chronic stress factors like sea-level rise and heat stress under multiple combinations of climate scenarios and time horizons.
It also shows how those changes can impact specific properties, enabling clients to determine how best to mitigate risk across their property portfolios and key locations worldwide.
The model is fully integrated into Willis Towers Watson’s core analytics platform of risk assessment and quantification tools that can enable clients to respond to a wide breadth of risk and improve organisational resilience.
It can be used to help organisations respond to climate-risk disclosure requirements such as the Task Force on Climate-related Financial Disclosure (TFCD) and help them develop a strategic response to the climate transition.
John Merkovsky, Global Head of Risk and Analytics, Willis Towers Watson, said: “We are delighted to introduce this innovative modelling tool to clients. This tool provides visual representations of key locations influenced by climate change in the mid and long-term.
“This enables our clients to extend existing risk understanding, revolutionising the way that they can review their future risk.
“We believe that the more organisations learn about climate risk, the more they will see that the thinking, analytic techniques and tools that are required for this new future are familiar to risk managers today.”
Source: Reinsurance News