Property and casualty (P&C) reinsurance company AXA XL has launched a new tool to assess and manage risk from water.

Known as Water Impact and Sustainability Evaluation (WISE), the remote, configurable tool is designed to aid risk managers in recognising, assessing and mitigating water-related hazards.

AXA XL said water risks impact nearly every industry in the wake of climate change, posing operational and financial difficulties.

WISE assesses risks across three major components – reputational, regulatory and physical – while factoring in process effectiveness and company continuity.

The solution accesses information from multiple sources and risk factors.

It provides the results in the form of an interactive dashboard, enabling customers to compare risks, download reports and view site-specific information, the insurer said.

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Initially, the WISE tool will be available in the UK, Europe and Asia-Pacific.

AXA XL global risk consulting head Jonathan Salter said: “Water-related issues including water scarcity, poor water quality and flooding can have a significant impact on a company’s risk profile. WISE helps clients to better understand their evolving exposure and how to address these challenges. By combining our consultants’ experience with digital services, we are able to gain deeper insight into our clients’ risks and continue to increase our understanding of these topics.

AXA XL sustainability director Suzanne Scatliffe said: “Creating a water-secure world requires water resources to be protected and properly managed.

“All stakeholders relying on water should understand how changes in global climate will impact their financial security, which is why it is important that we continue to raise awareness of these topics.”

AXA XL is the P&C division of French insurance major AXA.

Separately, AXA announced that it has completed the acquisition of Ireland-based Laya Healthcare.

The €650m ($710m) deal to acquire Laya from Corebridge Financial was announced in August this year.