Aon plc, a global professional services firm, has renewed its research collaboration with Columbia University to deepen understanding of climate change impacts on severe weather events. The partnership, which will continue until 2027, aims to enhance the assessment of climate risk across various perils and regions.
According to a news release, the collaboration builds on the initial phase, which integrated Columbia’s climate science into Aon’s Impact Forecasting tropical cyclone models. This has led to the launch of Impact Forecasting’s Hurricane Model v3.0, incorporating updated climate change perspectives. The findings from the first phase will be detailed in a forthcoming paper in the Journal of Catastrophe Risk and Resilience.
Patrick Kelly, Aon’s head of climate analytics for North America, highlighted the importance of understanding interconnected climate risks. “Climate risk across geographies and perils is interconnected and represents a significant area of uncertainty for the re/insurance industry,” he said. “This research will help global organizations navigate volatility, build resilience, and shape better business decisions.”
Key findings from the initial research include:
The news release noted that phase two of the collaboration will address these model biases by examining recent climate model simulations. Researchers will focus on the disparity in projected warming patterns between the Pacific and Atlantic Oceans to refine predictions of tropical cyclone risks and losses.
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