WTW enhances Climate Diagnostic tool with TCFD Reporting
Insurance and reinsurance brokerage WTW has enhanced the capabilities of its Climate Diagnostic tool.
The tool, originally launched in April last year, will now allow clients to generate tailored, instantaneous, and in-depth TCFD reports using their own collected data.
Andy Smyth, head of GB risk and analytics, WTW, said: “Climate change has wrought progressively more tangible and globally devastating consequences. As companies seek to better understand their climate exposure and develop risk management strategies, WTW has developed a comprehensive visual representation of a businesses’ risk, powered by the client’s own data and analytics.”
He added: “With unmatched precision and based on individual requirements, WTW will provide clients with an essential integrated tool as they look to bolster their climate resilience.”
According to WTW, this next iteration of the Climate Diagnostic tool is in line with the latest regulatory guidance and addresses the growing call for a consistent framework and set of standards for climate-related reporting alongside comparable metrics.
As Reinsurance News reported last year, the model uses advanced data and analytics to demonstrate changes in acute hazards such as 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.
It also 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.
The model is fully integrated into WTW’s core analytics platform of risk assessment and quantification tools that can enable clients to respond to a wide breadth of risk and improve organisational resilience.