Global broker WTW has announced that it will integrate climate data into its broking property renewals, a move that aims to help clients assess their long-term risks associated with their property portfolios and develop effective risk management strategies.
The inclusion of climate data will enable clients to evaluate future exposures to climate change, WTW said. By analyzing a range of climate indicators, companies can gain insights into how climate change may impact their portfolio by 2050. Some key indicators include extreme heat, rainfall, and fire weather risk. Assessing these indicators can help organizations contextualize climate change and its potential effects on their property assets.
“When analyzing the property portfolio of a client, it is essential to provide data on climate related issues which can impact on property assets,” said John Merkovsky, head of risk and analytics at WTW. “This enables risk managers to have an overview of both today and mid-century assessments of potential future risk across their risk portfolio.
“We are leading the way in the use of data and analytics to help organizations optimize their risk mitigation strategies by providing bespoke assessments of their property risk portfolio and the impact of climate change. This is just the beginning of the climate analytics and risk management capabilities we will be introducing as part of our evolving broking proposition.”
Initially launched with large North American clients, the new approach to evaluating property risk and renewals will expand and be rolled out to additional regions and organizations throughout 2023, WTW said.
Earlier this month, WTW announced a partnership with global law firm Clyde & Co to help clients manage climate risks. The broker also recently announced the expansion of a program to help protect the Mesoamerican Reef.
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