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April 14, 2021

Willis Towers Watson unveils new tool to manage climate risk

By Verdict Staff

Willis Towers Watson (WTW) has expanded its climate offering with the launch of a new global modelling tool called Climate Diagnostic.

Leveraging advanced data and analytics, Climate Diagnostic will demonstrate changes in acute hazards under multiple combinations of climate scenarios and time horizons.

The modelling displays how the changes can affect specific properties, allowing clients to mitigate risk accordingly across their property portfolios and key locations globally.

Climate Diagnostic has been integrated into WTW’s core analytics platform of risk assessment and quantification tools. The new offering builds on a range of services intended to manage climate risk via its Climate Quantified solutions.

WTW global head of Risk and Analytics John Merkovsky said: “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.”

Climate Diagnostic features a climate change atlas of climatic and exposure maps and also includes adaptable time projections and climate scenarios. It is claimed to offer summaries at an aggregate level, broken down by region, time horizon, and by acute and chronic climate risks.

It will help organisations respond to climate-risk disclosure needs, including Task Force on Climate-related Financial Disclosure (TFCD), and develop a strategic response to the climate transition.

Merkovsky added: “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.”

In November last year, WTW purchased UK-based climate change adaptation advisory and analytics services provider Acclimatise.

The development followed the formation of WTW’s Climate and Resilience Hub (CRH), which enables management of climate-related risks and opportunities.

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