Willis Towers Watson expands climate offering with launch of new physical risk diagnostic tool

London, UK (Apr. 13, 2021) – Willis Towers Watson, a leading global advisory, broking and solutions company, is pleased to announce the launch of Climate Diagnostic, a global modelling tool that utilizes advanced data and analytics to demonstrate changes in acute hazards such as extreme wind and flood as well as chronic stress factors like sea-level rise and heat stress under multiple combinations of climate scenarios and time horizons. The modelling shows how those changes can impact specific properties, enabling clients to determine how best to mitigate risk across their property portfolios and key locations worldwide.

Climate Diagnostic forms part of the wide range of products and services to manage climate risk through its Climate Quantified™ solutions. The tool is fully integrated into Willis Towers Watson’s core analytics platform of risk assessment and quantification tools that can enable clients to respond to a wide breadth of risk and improve organizational resilience. This model can help organizations respond to climate-risk disclosure requirements such as the Task Force on Climate-related Financial Disclosure (TFCD) and help them develop a strategic response to the climate transition. Other key features of Climate Diagnostic include:

  • A climate change atlas of climatic and exposure maps with options to view high-risk areas, locate individual assets and identify the relative impact of each hazard.
  • Flexible and adaptable time projections and climate scenarios to explore relative risk over time and alternate climate conditions up to 2100.
  • Summaries at an aggregate level and broken out by region, time horizon, and by acute and chronic climate risks.
  • Industry recognized, data to project exposure for Representative Concentration Pathways (RCP) 2.6 – 8.5, gold-standard scientific climate projection scenarios based on greenhouse gas concentration.

John Merkovsky, Global Head of Risk and Analytics, Willis Towers Watson, said: “We are delighted to introduce this innovative modelling tool to clients. 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, revolutionizing the way that they can review their future risk. We believe that the more organizations 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.”

Climate Diagnostic will be showcased at the pre-RIMS Willis Towers Watson Virtual Hub as part of our Climate Risk 101 event. or more information, click here.

About Willis Towers Watson

Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 45,000 employees serving more than 140 countries and markets. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential. Learn more at willistowerswatson.com.

SOURCE: Willis Towers Watson

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