Catastrophe risk solutions provider RMS has introduced a suite of Climate Change Models, which will enable customers to evaluate the effect of climate change on physical assets and their businesses.
The new offering will look into both the near as well as long term impacts of climate change.
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The aim is to help organisations understand how climate change may affect capital and assets, price and manage risks, and communicate the climate change-related risks to all stakeholders.
The models feature probabilistic modelling to capture events across various climate change scenarios, enabling adjustment of time horizons and Representative Concentration Pathways (RCPs).
Expected to be generally available in June for key peril models North Atlantic Hurricane, Europe Inland Flood and Europe Windstorm, with further models and geographies to follow suit.
The proposition also covers climate change specialist advisory and consulting expertise and regulatory, ESG as well as TCFD support.
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By GlobalDataRMS CEO Karen White said: “Today there are no robust or consistent frameworks that can quantify the physical risks posed by catastrophes in a changing climate at the depth required. The innovative suite of RMS Climate Change Models changes that, giving the market a powerful new set of tools.
“With increasing Board-level attention, stakeholder scrutiny, and regulatory pressure, businesses need to operationalise climate change analytics to make better decisions and enable better transparency.”
Last year, RMS strengthened its global commercial partnership with Japanese insurer Tokio Marine to get an accurate, data and technology-based risk view across all perils and markets.
